Egypt’s Misr Insurance Company seizes natural gas loans policy worth 50 mln pounds

Egypt’s Misr Insurance Company has signed an agreement with Nasser Social Bank and the Egyptian Natural Gas Holding Company to secure interest-free loans granted to deliver natural gas to the poorest families.

The insurance policy is with total value of 50 million Egyptian pounds, according to Chairman of Misr Insurance Company Adel Moussa.

He added that the policy includes an insurance coverage to ensure risks of non-repayment, pointing out that the agreement is benefiting the largest number of the poor families in the frame work of the national project of natural gas delivery.

The project aimed to expand natural gas access to 1.2 million poor Egyptian households nationwide, financed partially through a €40 million grant by the European Union which is managed by the French Development Agency (AFD). While the other part is financed by interest-free loans from Nasser Social with total value of 50 million Egyptian pounds.