Under the slogan "Go Green"
The United Bank launches financing the conversion of cars to operate with natural gas
Ashraf El Kady: Chairman of The United Bank
• 3 axes to maximize the citizen's benefit from the initiative and the gains from economic reform.
• Banks are working on a national agenda to attract different segments of the society and increase the financial inclusion base.
• Transforming societal culture towards the clean energy uses requires concerted efforts of the state and the media with the financial institutions and the civil society.
• The United Bank launches a product to convert cars to operate with natural gas, with the expectations of the great demand.
• Digital financial applications maximize the chances of a car finance product spread to work with natural gas.
• An overview of the project to convert cars to operate with natural gas.
Cairo: January 4, 2021
Under the slogan "Go Green", The United Bank launched financial product to convert cars to operate with natural gas. On the sidelines of the first exhibition of technology for converting and replacing vehicles to operate with clean energy “Go Green”, which was held from 4-6 January 2021 under the patronage of the President of the Republic and with the coordination of the Ministry of Trade and Industry and The Central Bank of Egypt and a number of relevant ministries.
The Central Bank of Egypt has allocated 15 billion Egyptian pounds to the initiative to replace vehicles and convert cars to operate with dual fuel. This is to support the state to achieve the goals of sustainable development and support the citizen.
Axes for the citizen to benefit from the presidential initiative and the gains from economic reform
In response, Ashraf El Kady - Chairman of The United Bank says that the initiative aims to maximize the benefit of the Egyptian citizen from the gains of economic reform on 3 main axes:
The first axis: Maximizing the use of natural gas as an alternative fuel for diesel and gasoline. This would achieve great economical and material savings in the general budget of the Egyptian state. It contributes in directing this savings to support the sectors of health, education and scientific research to advance the system of services provided to the Egyptian citizen and improve his life.
The second axis: eliminating pollution and harmful environmental emissions that affect the health of the citizen and the surrounding environment from the effects of using the fuels.
The third axis: achieving the maximum benefit from the productive capacities of the Egyptian auto factories and the industries that feed them which contributes in maximizing the production, increasing the local component, increasing the employment rates and thus eliminating the unemployment and increasing the exports.
Banks are working on a national agenda to attract different segments of the society and increase the financial inclusion.
El Kady explained that the Egyptian banks under the leadership of The Central Bank are working on a national agenda as a strategic partner in the process of economic reform by supporting the efforts of the Egyptian state to develop the national industry, support the factories, increase their production and improve the production quality to increase Egyptian exports. As well as expanding the base of financial inclusion by providing innovative financial products and solutions to change the citizen's consumer culture.
Transforming societal culture towards the use of clean energy requires the collaboration of the media with the financial institutions and the civil society.
El Kady added that the Egyptian state adopts an ambitious plan to convert cars to operate with natural gas over the next three years in order to exploit the great production abundance of natural gas, maximize the value added, reduce the operating costs, and preserve the environment. This requires the concerted efforts of the various media outlets and the civil society organizations to participate in changing the citizen's consumer culture towards rationalizing the use of fuels and replacing them with clean energy types.
The comparative advantages of The United Bank.
Ashraf El Kady indicated that The United Bank offers a product to finance the conversion of cars to operate with natural gas by the beginning of 2021, with the expectations of the great demand among customers, especially since the product has many advantages, including: financing limit and easy procedures, as well as competitive returns and convenient installment methods.
The United Bank also offers its customers the possibility of installments through the package of digital "Your Bank Online" services, which are: digital wallet, internet banking, and bank mobile, which allows the customer to pay throughout the day, 7 days a week, easily and without the hassle of going to any of the 65 United Bank branches spread throughout the Republic.
About the project of converting cars to operate with natural gas
El Kady explained that the idea of converting cars to operate with natural gas began in Egypt since 1985 with one of the companies affiliated to the petroleum sector. Then, the Ministry of Petroleum established two subsidiaries, namely: Car Gas and Gas Tec, whom built financing stations and converting cars to operate on natural gas. After that, the market witnessed the entry of companies such as Shell Gas Express, Master Gas, Arabia Gas and Total, bringing the companies operating in the field of gas stations with natural gas to 6 companies.
The Egyptian state aims to implement a plan to build 366 natural gas stations across the governorates of the Republic, in order to fulfill the demand for clean energy uses.