Cairo – Mubasher: The National Bank of Egypt (NBE) is considering pumping major financing for 16 local companies as part of the third stage of the Egyptian Pollution Abatement Programme (EPAP).

The bank says it may offer up to EUR 86.5 million (EGP 1.83 billion) in total under the EPAP.

The 16 companies are currently working on 18 projects at total investments of EUR 231.29 million, according to Al-Mal newspaper.

The EPAP is a major initiative launched by the Egyptian Ministry of the Environment in order to bolster the industry and improve performance while complying with environmental regulations.

The project aims to use alternative energy resources in heavy industries as well as set a specific system or regulation for financing companies working in the project in the local market, according to the newspaper.

Four Egyptian companies including National Paper, the Egyptian Salts and Minerals Co. (Emisal), Financial & Industrial Egyptian Co. (EFIC), and Abu Zaabal Company for Fertilizer and Chemical, have begun their technical feasibility studies for the third stage of the project at investments totalling EUR 37 million.

“Eligible industries in Greater Cairo and Alexandria can take advantage of funds available through the Egyptian Pollution Abatement Project (EPAP II) while those in Upper and Lower Egypt can apply for funding through the Private Public Sector Industry Project (PPSI),” the Egyptian Environmental Affairs Agency (EEAA), which is affiliated to the Ministry of the Environment says via its official website.