Energy Projects Hit 45% WB’s Portfolio in Egypt – Official

Energy projects in Egypt hit 45% of the World Bank’s $4.92 billion portfolio in the North African country, said Hossam Abou Dakka, Deputy Manager of World Bank’s office in Cairo.
The World Bank portfolio includes 25 projects across various sectors like energy, private sector development, transportation, agriculture and human development.

On the sidelines of a forum held by the World Bank on Sunday, the official added that the energy projects are not limited to generating and providing electricity, as the bank is seeking to diversify energy sources and use alternative options.

Abou Dakka noted that he would propose to the coming managers’ board meeting in July a project to plug natural gas to houses at a cost of $500 million that will be financed by the World Bank, in addition to $700 million from the European Union.