NBE’s Industrial Pollution Control Project to Launch by March

The National Bank of Egypt (NBE) is aiming to launch the third phase of industrial pollution abatement project by March in the framework of the bank’s adaption an initiative to preserve the environment with €125 million finance.

An official source in NBE has informed Amwal Al Ghad that the bank succeeded in providing finance throughout the cooperation with three granted international authorities including the World Bank, the European Investment bank (EIB) and Germany’s reconstruction bank (KfW).

The project will review financing investments for industrial pollution abatement projects and clean production productions and rational use of energy in the industrial sector.

The bank finalized signing an agreement with EIB to obtain €80 million which will re-finance in favor of small and medium projects.

NBE has also signed an agreement with European Bank for Reconstruction and Development (EBRD) to obtain US$50 million at the end of the last fiscal year for finance small and medium projects.

NBE pumped around EGP3 billion for small and medium projects within the first 7 months of the fiscal year of 2013/2014, so the total cumulative portfolio reached EGP10 billion at the end of last January.