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United Bank green initiative backs state plan to turn vehicles to natural gas
The United Bank (UB) Board Chairman Ashraf el Qadi said “Go Green” Initiative – which the bank launched – is meant to promote Egypt’s ambitious plan to convert vehicles to operate by natural gas within the coming three years.
This will help protecting the environment and cut costs in view of Egypt’s outstanding production of natural gas, he said in press statements.
He called on the media and civil society organizations to spread awareness about the importance of reducing consumption, especially of fossil fuel and resorting to clean energy.
The initiative is meant to magnify the benefit of Egyptian people of the gains of the economic reforms through three axes, he said.
The first axis falls within the framework of expanding the use of natural gas in lieu of diesel oil. The second axis is represented in curbing pollution and cutting greenhouse gas emissions which affect the environment and people’s health.
The third axis represents realizing the utmost benefit of automotive production and auto-feeding industries. This would also help generating jobs and boosting exports.
As of 2021, the bank offered a financing tool for turning cars to operate by natural gas amid expectations that this tool would be feted by clients in view of the facilities available.
The United Bank launched this financing tool on the fringe of the first “Go Green” exhibition for converting cars to use clean energy.
The three-day exhibition was opened on January 4, 2021, under the auspices of President Abdel Fattah El Sisi.
The Ministry of Trade and Industry coordinated the event with the Central Bank of Egypt and a number of the ministries concerned.
The CBE allocated EGP 15 billion for the initiative – which aims to convert cars to operate by bi-fuel – in order to promote state efforts to attain the Sustainable Development Goals.