The National Bank of Egypt will finance luxury five star hotels in South Sinai and Red Sea Provinces that have plans to “go green,” according to Ahram Online.
Egypt’s largest bank made this commitment on Monday as the troubled country is engrossed in recurrent electricity cuts. These power cuts have endangered the tourism industry.
Ahram Online reported that the bank had signed this protocol on Monday with the Egyptian Hotel Association and the Solar Energy Development Association (SEDA).
The bank committed to spreading loans to businesses that have the desire to change to “renewable energy.” It has emerged that these loans will be at a 2 percent interest rate.
“Increased electricity use during the summer, combined with diesel shortages has led to a spate of increasingly frequent blackouts nationwide as the government struggles to provide fuel to keep up with the mounting consumption,” Ahram Online reported.
In April this year, Egypt’s then Petroleum Minister, Osama Kamal, said Egypt was set to bring from overseas fuel quantities that would be valued at $500 – $600 million.
These stocks would meet the ever-increasing power demand from May and October this year.
According to Ahram Online, Egypt has around 220 electricity generators nationwide.
According to a recent statement by Electricity Minister, Ahmed Emam, these generators use about 100 million cubic metres of fuel on a daily basis.