The National Bank of Egypt (NBE) and TAQA Arabia – a Qalaa Holdings’ company – have announced signing financing contracts amounting to EGP 916 million to expand TAQA Arabia’s investment plans; further reaffirming NBE’s strategic partner role in supporting mega projects with economic viability. This aid is primarily dedicated to launch new CNG filling stations.
“Thanks to our expansion projects, TAQA Arabia is able to significantly contribute to creating job opportunities, as well as supporting the State’s vision towards energy security & sustainability,” said the CEO of TAQA Arabia Pakinam Kafafi. “We are currently operating 23 CNG stations, with projected plans to reach 200 stations by 2023.”
Corporate Banking, Debt & Structured Finance CEO of NBE Sherif Riad indicated that NBE’s facilitations are primarily dedicated to inaugurate 40 new natural gas stations belonging to Master Gas, TAQA Arabia’s CNG company, in a number of Egyptian governorates. He stressed that such initiative aims at encouraging the public masses to replace petroleum fuel with natural gas.
Chief Financial Officer of TAQA Arabia Peter Mofeed also commented: “TAQA Arabia values its fruitful cooperation with Egypt’s largest financial institution that complemented our operations with proper banking solutions. Thanks to NBE’s credit facilitations, we were able to establish new natural gas refueling stations. NBE has also been of great support in digitizing our financial processes and online banking transactions.”