Egypt has signed a US$500mn loan with the World Bank to provide natural gas to households in Egypt
Najla Ahwani, minister of international cooperation in Egypt, said, “The loan will help fund a Petroleum Ministry plan to connect 850,000 houses, particularly in rural Upper Egypt, to a natural gas grid.”
According to the Ministry statement, Egypt will pay back the World Bank loan over 30 years, with a five-year grace period.
Hartwig Schafer, bank country director for Egypt, Yemen, and Djibouti, at World Bank, said, “Conversion to piped natural gas will help give households access to a safer, more reliable and cheaper supply of gas compared to buying LPG cylinders.”
The World Bank’s current portfolio in Egypt comprises 25 projects for a total commitment of US$4.9bn.
