The National Bank of Egypt (NBE) and TAQA Arabia signed financing contracts amounting to EGP 916 million to expand TAQA Arabia’s investment plans, and reaffirm NBE’s strategic partner role in supporting big projects with economic viability, according to a press release.

The signing ceremony was attended by Vice Chairman of NBE, Yehia Abou Elfotouh, Corporate Banking, Debt & Structured Finance CEO of NBE, Sherif Riad, Head of Corporate Banking of NBE, Khaled Hashem, Executive Chairman of TAQA Arabia, Khaled Abubakr, CEO of TAQA Arabia, Pakinam Kafafi, and CFO of TAQA Arabia, Peter Mofeed.

Abou Elfotouh underlined that the bank strives to promote the national economy by financing projects that help to maintain economic stability. He also emphasized that such endeavors focused on sustaining strategic supplies; including petroleum products, which are considered the cornerstone of all industries.

Abou Elfotouh further affirmed that the NBE is dedicated to participate in the implementation of the Central Bank of Egypt (CBE)’s Financial Inclusion strategies.

For her part, Kafafi highlighted: “TAQA Arabia’s team diligently operate in alignment with the Ministry of Petroleum and Mineral Resources to serve more than 1.4 million customers in 42 cities across Egypt. Throughout our geographic expansion, TAQA Arabia seeks to establish new service stations for petroleum products. We are currently operating 59 fuel stations and 23 CNG stations, with projected plans to reach 200 stations by 2023.”

Additionally, Riad mentioned that NBE’s facilitations focused on inaugurating 40 new natural gas stations belonging to Master Gas; TAQA Arabia’s CNG company. Riad further stated that a share of NBE’s investments will be assigned to TAQA Petroleum for building a new storage terminal in Alexandria, to secure the State’s petroleum reserves and avoid local market’s shortages.

Mofeed noted: “A portion of NBE’s latest financing agreement will be dedicated to establishing TAQA Arabia’s petroleum storage terminal with the capacity of 25.6 million liters in Alexandria Governorate aside of TAQA’s current Storage terminal with the capacity of 18 million liters in Suez Governorate.”

Moreover, Hashem praised the partnership of NBE with TAQA Arabia, commending  TAQA Arabia’s relentless efforts towards sustaining local energy via its state-aligned expansion plans, securing citizens’ demands of natural gas and petroleum products despite regional and Global challenges.