The Egyptian cabinet has endorsed Wednesday the country’s loan agreement worth US$500 million with World Bank for delivering natural gas.
As pursuant to the loan agreement signed last September, Egypt will have a grace period of up to 8 years on the loans, while payments on the loan will be made over a 28-year period.
The development objective of World Bank’s Household Natural Gas Connection Project for Egypt is to assist the country to increase household access to reliable, lower cost, grid connected natural gas supply. The project comprises of three components. The first component, gas network expansion and household connections will finance investments necessary to expanding the gas networks in the project areas and connecting 1.5 million households to the distribution networks.