NBE Finances White Taxi Project’s 3rd Phase With EGP 150 Mln

The National Bank of Egypt (NBE) plans to contribute from EGP 100 million to EGP 150 million to the finance of the third phase of White Taxi Project, which will be started this month, in collaboration with the Ministry of Finance.

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

The banks wait the Ministry of Finance to determine the date of signing the protocol of the project after it was slated to be signed yesterday.

NBE, Alex Bank and Banque Misr offered EGP 370 million, EGP 1 billion and EGP 550 million, respectively to the project. The Ministry of Finance incurred EGP 50 million, the value of deferred payments.