National Bank of Egypt Provides EGP 953 Million Financing to EKC Egypt for High-Pressure Vessel Manufacturing

The National Bank of Egypt (NBE) has announced the provision of long-term financing worth EGP 953 million to EKC Egypt for the manufacturing of high-pressure vessels. This financing aims to support the investment costs for establishing Egypt's first factory of its kind in Egypt and Africa, dedicated to the production of compressed natural gas (CNG) cylinders. These cylinders will be used in vehicles powered by natural gas, as well as for medical and industrial applications, MEGC pipeline systems, and high-pressure hydrogen storage and fuel cells. The project is part of the national initiative to localize the production of compressed gas cylinders (CNG) in Egypt, thereby reducing reliance on imports. This endeavor is in line with the country's vision to convert approximately 1.5 million vehicles to run on compressed natural gas, thus helping to reduce fuel consumption, lower carbon emissions, and improve air quality. Production is expected to commence by the end of this year, aiming to meet local market needs and export approximately 40% of the production to international markets.