EKC Egypt obtains EGP 953M in financing from NBE
Updated 1/30/2025 9:35:00 AM
Arab Finance: The National Bank of Egypt (NBE) has granted long-term financing worth EGP 953 million to EKC Egypt to establish the first factory of its kind in Egypt and Africa to produce compressed natural gas (CNG) cylinders, as per a press release.
The company will also use the financing to create cylinders for medical and industrial purposes and multi-element gas containers (MEGC) for pipeline systems, in addition to high-pressure storage and fuel cells.
Sherif Riad, CEO of Corporate Banking and Syndicated Loans at NBE, noted that the project will contribute to securing strategic goods that meet the needs of citizens, including petroleum products.
This will anchor the state's vision to convert around 1.5 million vehicles to CNG, which helps reduce fuel consumption and carbon emissions.
Tamer Ahmed Hassan, Business Technology and Performance Testing Deputy General Manager at NBE, noted that the financing includes the establishment of the factory at the company's headquarters in the Suez Canal Economic Zone (SCZONE).
Commercial production is expected to begin at the end of 2025 to meet the needs of the local market and export markets by 40%.
EKC Egypt is a subsidiary of India-based Everest Kanto Cylinder Ltd.
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