The Industrial Bank announces financing of 70 percent of the estimated costs of renewable energy projects

On November 22, the Industrial Bank announced its readiness to finance solar and wind renewable energies projects, whether for electricity production, water heating, steam production or water pumping, through loans with a maximum limit of 70 percent of the estimated cost of each project.

The Bank’s Director General Dr. Omar Sidi stated that in cooperation  with the National Center for Energy Research, it was agreed that the bank will finance solar and wind renewable energy projects at a high financing rate compared to the rest of the loans, which is 70 percent of the estimated cost of the project.

Dr. Omar Sidi said that the aim of encouraging this type of Projects in support of the national economy.

Dr. Omar Sidi said that the National Center is preparing the technical study and the economic feasibility of the project, determining the estimated cost for it and sending the file to the bank. The bank studies the loan application after completing its identification papers and upon obtaining the approval.

Dr. Omar Sidi clarified that according to the agreement, the National Center charges the wages for the works and tasks related to the project at a rate of 1 percent of the value of the loan.

In mid-September, the Industrial Bank announced the resumption of granting direct and indirect credit facilities to finance small and medium enterprises.