NBE Finances White Taxi Project Phase III With EGP 150 Mln

The National Bank of Egypt (NBE) targets to contribute EGP 150 million to the loans offered to finance the third phase of the White Taxi project in collaboration with the Ministry of Finance, said Karim Sous, general manager of retail credit risk sector at NBE.

The bank decided the value of its contribution during signing the protocol of the project today with the Finance Ministry and the other lenders to finance 15,000 taxi vehicles, he added.

NBE, Banque Misr, Alex Bank Intesa Sanpaolo and Nasser Social Bank are financing the third phase of the project which aims at encouraging taxi owners to replace their aging cabs with new automobiles.

It is noteworthy that Alex Bank had announced that it targets to contribute EGP 100 million to finance the third phase of the project. The Finance Ministry also announced that it will support the taxi owners of the third phase by EGP 400 million; EGP 50,000 for each. In addition, the taxi owners will be exempted from taxes and custom duties.