NBE Allocates EGP 200 Mln To Finance Workshops Moving To El Robeky

The National Bank of Egypt (NBE) considers financing the final stage of moving leather tanning and dyeing workshops from Sour Magra El Oyoun St., Misr El Kadima to El Robeky road, Badr City, with a maximum financing limit of EGP 2 million for each workshop.

Sources told Amwal Al Ghad that NBE negotiates with the Industrial Development Authority (IDA) to know the number of the workshops in order to estimate the value of finance to be offered by the bank to provide the workshops with the required machines and equipments. The bank will probably finance 100 workshops which means it will offer EGP 200 million finance.

Financing this project came as part of NBE’s environmental compliance program to finance SMEs for which the bank receives foreign finances and soft loans. Alex Bank Intesa Sanpaolo provides the largest finance for the project as it earlier approved offering EGP 1.150 billion to the project after the Egyptian government failed to arrange the financial needs.

Mohamed Mahran, board member of the chamber of leather tanning at the Federation of Egyptian industries, said the owners of the tanning workshops are submitting requests to the IDA and those who do not want to move will be compensated for closing down their businesses.

There are currently 29 completed workshops in El Robeky road. IDA will resume establishing the workshops after all requests are submitted, Mahran added.

The chamber of leather tanning has agreed with the government on selling land lots in El Robeky road at Badr City for EGP 300 per meter for the owners of the leather tanning and dyeing at Misr El Kadima instead of EGP 682 per meter.