NBE Signs Cooperation Protocol With SFD To Finance 20,000 Bakeries

The National Bank of Egypt (NBE) plans to sign a protocol of cooperation with the Federation of Egyptian Chambers of Commerce and Social Fund for Development (SFD) to finance the upgrading of 20,000 bakeries in Cairo to work on natural gas instead of heavy fuel oil.

Sources said that financing this process in one bakery costs between EGP 40,000 and 50,000, varying according to the areas of these bakeries.

The total value of finances offered by NBE to environmental compliance programs reached EGP 1.5 billion, while the total value of bank’s SME finances reached EGP 8.6 billion at the end of last September.

NBE has recently approved to offer EGP 100 million loans to 50 brick factories in Behira starting from next January in order to make them run on natural gas instead of heavy fuel oil.