The National Bank of Egypt (NBE), Bank Audi Egypt, Industrial Development and Workers Bank of Egypt and Social Fund for Development (SFD) approved in principle to contribute to financing 500 small and medium-sized petrochemicals factories in Beni Suef.
Sources said the project’s cost is EGP 1.5 billion; of which SFD and the banks will provide 75% (EGP 1.1 billion), while the Industrial Development Authority (IDA) and the Egyptian Petrochemicals Holding Company (ECHEM) will provide the rest.
These factories are part of a plan to establish 2500 petrochemicals factories for producing petrochemical products and raw materials in five governorates which are: Beni Suef, Port Said, Alexandria, Suez and Fayoum, sources said.
IDA and ECHEM target to build such project in order to boost national economy and reduce Egypt’s imports from outside. The factories destined to be built in Beni Suef will create about 10,000 job opportunities.
