EGB eyes 1 bln pounds in Egypt household gas connection finances by 2020

Cairo-based Egyptian Gulf Bank is seeking to raise its financing for household gas connection projects to one billion Egyptian pounds ($55.8 million) by 2020, a source with knowledge told Amwal Al Ghad on Saturday.

The portfolio has recently grown to 85 million pounds, the source added, saying the EGB is among a few banks that have great concern for the state’s plans to connect households nationwide with natural gas.

The Household Natural Gas Connection Project for Egypt aims to assist the country to increase household access to reliable, lower cost, grid connected natural gas supply.

EGB, established in 1974, is a joint cooperation between Egyptian and Gulf investors.