Four Lenders Finance White Taxi Phase III With EGP 450 Mln

The National Bank of Egypt (NBE), Banque Misr, Alex Bank Intesa Sanpaolo and Nasser Social Bank plan to finance the third phase of the White Taxi Project with EGP 450 million.

Sources said NBE will contribute EGP 150 million, while the other banks will contribute EGP 300 million to the finances offered to the project which aims at encouraging taxi owners to replace their aging cabs with new automobiles.

The Finance Ministry announced that it will support the taxi owners of the third phase by EGP 400 million; about EGP 50,000 for each.