NBE Allocates EGP 1 Bln For Industrial Pollution Abatement Project Phase III

The National Bank of Egypt (NBE) has allocated EGP one billion to the third phase of the industrial pollution abatement project.

Sources said the bank is still in talks with lenders to provide the required finance which may increase to more than EGP one billion, affirming that a definitive agreement will be reached within the coming two months.

The project will be financed by the beginning of 2014, in collaboration with six international lenders including the World Bank, European Investment Bank, German government-owned development bank KfW and Agence Française de Développement (French Development Agency).

The industrial pollution abatement project aims to encourage cleaner production and energy conservation in the industrial sector.

NBE’s finances offered to environmental compliance projects reached EGP 200 million during the first quarter of 2013, while the total value of environmental compliance finances reached EGP 1.1 billion.