
Arab Finance: The National Bank of Egypt announced the granting of long -term financing worth 953 million Egyptian pounds for EKC Egypt to manufacture high pressure vessels, to support investment costs to create the first factory of its kind in Egypt and Africa to manufacture compressed natural gas cylinders (CNG), which is intended for vehicles that work with natural gas, In addition to cylinders for medical and industrial uses, MEGC for pipeline systems, high -pressure hydrogen for storage and fuel cells.
Sherif Riyad, CEO of bank credit for companies and joint loans at the National Bank of Egypt, stressed his bank's keenness to support the economy and finance projects that aim to maintain the economic stability of Egypt, and Riyad added: “The efforts of the National Bank are embodied by contributing to providing strategic goods that affect the needs of the citizen Among them is the petroleum products on which all economic sectors of the country depend mainly.
He also pointed out that the project aims to localize the cylinder gas cylinders (CNG) in Egypt, as an alternative to importing it from abroad, which contributes to supporting the state's vision to convert about 1.5 million vehicles to work with compressed natural gas, which contributes to reducing fuel consumption and reducing carbon emissions , And improve air quality.
For his part, Tamer Ahmed, head of the financing of the major companies of the Egyptian National Bank, said that the borrowed company belongs to the Indian Canto Canto Cylinders Ltd – Ekc Group, which is one of the major companies globally in this field, where it runs five factories in India The United States of America and the United Arab Emirates.
He pointed out that the financing includes the establishment of the factory on land owned by the company within the economic zone of the Suez Canal, and it is expected that commercial production will start at the end of this year, with the aim of meeting the needs of the local market and exporting about 40% of production to foreign markets.
Related news