The National Bank of Egypt (NBE) allocated EGP 120 million to finance 55 brick factories in Behira City in order to make them run on natural gas instead of heavy fuel oil.
This move is consistent with the bank’s strategy which seeks to reduce the emissions produced by factories powered by diesel and heavy fuel oil.
Sources said the bank received requests from five other factories during this month after 50 brick factories submitted requests to NBE to receive such finance last year.
The bank coordinates with gas companies to conduct field survey for these factories in order to start the project slated to be financed by next February.
In addition, NBE had earlier financed 200 brick factories in Arab Abu Saed in Giza to use natural gas instead of heavy fuel oil and diesel. The cost of delivering natural gas to these factories is about EGP 140 million. NBE had also allocated EGP 120 million for 130 brick factories in Al Saf City in Helwan.