NBE pumps $424mln to fund 96 companies

NBE pumps $424mln to fund 96 companies

The National Bank of Egypt (NBE) has managed to fund 96 companies operating in the industrial, tourism, and service sectors, with a total financing of $424m.

These loans were directed to several areas, including machinery and equipment. This financing aimed to reduce carbon emissions and combat industrial pollution at a value of $93m, financing new and renewable energy and energy efficiency for $47m, and financing environmentally friendly projects with $284m.

NBE has taken proactive steps towards providing credit lines and special financing programs to support strategic plans for climate change since 1998, and the most important of these projects is to combat pollution and maintain energy.

In 2019, the Bank established a specialized department for financing programs in the field of sustainable development projects.

The Bank also obtained credit facilities from international institutions with the aim of expanding financing projects related to climate preservation, in addition to cooperating in establishing a climate change strategy and establishing an environmental and social management system.

NBE is participating in COP27 from November 6 to 18, 2022 in the Green City Sharm El Sheikh, in the presence of Hisham Okasha, Chairperson of the NBE; Yahia Abou El-Fotouh and Dalia El-Baz, deputy chairpersons of the Bank, along with a delegation