NBE Considers Financing 45,000 Bakeries To Work On Natural Gas

The National Bank of Egypt (NBE) studies to finance from 40,000 to 45,000 bakeries in all governorates in Egypt to make them use natural gas instead of heavy fuel oil.

Sources revealed that NBE cooperates with the Ministry of Supply and Internal Trade to offer from EGP 40,000 to EGP 50,000 finance to each bakery according to their areas.

NBE seeks to contribute to efforts made to reduce pollutant emissions produced by bakeries which are generated by diesel and heavy fuel oil, sources noted.

NBE financed 55 brick factories in Behira this month with EGP 120 million as well as 130 brick factories with EGP 120 million in Al-Saf City in Helwan to work on natural gas instead of diesel and heavy fuel oil.

The total value of finances offered by NBE to small and medium enterprises (SMEs) reached about EGP 10.3 billion at the end of 2012; of which EGP 8.9 billion are direct finances.