NBE Offers EGP 100 Mln To 50 Brick Factories In Behira

The National Bank of Egypt (NBE) has approved to offer EGP 100 million finance to 50 brick factories in Behira starting from next January in order to make them run on natural gas instead of heavy fuel oil.

Sources said the bank will hold a meeting this week with the owners of these factories to reach an agreement on the conditions of the finance, adding that each factory will receive EGP 2 million.

NBE had earlier allocated EGP 220 million for financing 130 brick factories in Al Saf City in Helwan to make them run on natural gas instead of heavy fuel oil. The factories have been receiving such finances from last September til March 2013.

Sources confirmed that NBE seeks to contribute to the environmental protection programs which aim at reducing the emissions produced by factories powered by diesel and heavy fuel oil.

In addition, NBE had earlier financed 200 brick factories in Arab Abu Saed in Giza to use natural gas instead of heavy fuel oil and diesel. The cost of delivering natural gas to these factories is about EGP 140 million.