The National Bank agrees to finance the development of casting factories in Egypt

Cairo – Mubasher: The Chamber of Metallurgical Industries in Egypt, headed by Imad Al-Alfi, and the Foundries Division headed by Omar Abdel Aziz, agreed with the National Bank of Egypt to provide the necessary financing to modernize casting factories in different regions, at a decreasing interest rate of 5%.

Omar Abdel Aziz, Head of the Foundry Division, said in press statements today that the bank will work to provide the necessary support to finance casting factories wishing to modernize and develop machines and equipment and switch to electricity instead of relying on environmentally harmful fuels such as coal and diesel, within the framework of the bank’s initiative. The Egyptian Central Bank for Industry Modernization, at a declining annual return rate of 5%, according to a statement today, Saturday.

He pointed out that the cost of environmentally friendly foundry melting furnaces exceeds about 500 thousand pounds per furnace, which is a huge cost for factories and workshops at the present time, especially since each of them needs many furnaces, which prompted us to resort to the banking sector to benefit from the initiative to support the local industry.

He pointed out that the owners of foundries are scheduled to start directing their requests to the bank during the next few days to start procedures for obtaining the necessary financing, which helps to include unlicensed foundries in the official system.

Abdelaziz added that the documents required to benefit from the initiative to finance equipment and furnaces for foundries include a lease or ownership contract that covers the financing period, a tax card, a basic data document for the taxpayer from the tax authority, a recent extract from the commercial register, and the capital in the register is not less than 50 thousand pounds, and an insurance position. Recent and latest insurance receipt, operating license if available, accompanying receipt to the activity location, a copy of the customer’s national ID card, and a price offer for the required equipment, whether oven or filters.


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