Aswat Masriya (Cairo)

25 July 2014

Egypt: World Bank Gives Egypt U.S.$500 Million Gas Loan

Cairo — The World Bank has agreed to give Egypt a $500 million loan to provide 1.5 million houses in 11 governorates with natural gas lines.

"The Egypt Household Natural Gas Connection Project will support the Egyptian government's programme to replace household consumption of Liquefied Petroleum Gas (LPG), which is mostly imported, with grid-connected natural gas," the website said in a statement on Thursday.

About 52 percent of the neighbourhoods this project targets have poverty rates higher than the country's national average, the statement said.

"We are pleased to help improve the delivery of energy services to the people of Egypt," said Hartwig Schafer, World Bank Country Director for Egypt, Yemen, and Djibouti.

"The project will provide financial support to finance the connection charges in disadvantaged areas so that poor households can also connect to the gas grid," said Husam Mohamed Beides, the project's Task Team Leader.

"We are working closely with the European Union and the French Development Agency to ensure that this project is a success," Beides added.

The World Bank's current portfolio in Egypt comprises 25 projects for a total commitment of $4.9 billion.

Ads by Google

Copyright © 2014 Aswat Masriya. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.