The total value of finances offered by the National Bank of Egypt (NBE) to environmental causes reached EGP 200 million in the first quarter of 2013.
Sources told Amwal Al Ghad that the total value of finances offered by the bank to environmental causes reached EGP 900 million at the end of last March, compared to EGP 700 million at the end of 2012.
The volume of environmental finances approved by the bank reached EGP 1.1 billion, sources added.
NBE targets to finance 300 hotels in Red Sea to use green electrical energy instead of diesel and heavy fuel oil. The 500-room hotel that will use electrical energy for smart light and smart heaters will require finance of EGP 5.5 million.
In addition, the bank also plans to finances from 40,000 to 45,000 bakeries all over the country to use natural gas instead of heavy fuel oil, in collaboration with the Ministry of Supply.
The bank had earlier financed 55 brick factories in Behira with EGP 120 million and 130 brick factories in Al-Saf City in Helwan with EGP 120 million to use natural gas instead of diesel and heavy fuel oil.
