Sisi approves $500 million World Bank Loan

Egypt’s President Abdel Fattah al-Sisi ratified Thursday a US$500 million loan agreement with the World Bank to fund the Egypt Household Natural Gas Connection Project.

Egypt’s state budget is set to save US$301.5 million annually in fuel subsidies by connecting 1.5 million households to the natural gas grid, the World Bank said in a statement after approving the loan in July of last year.

Some 75 percent of Egyptian households rely on subsidised gas cylinders which officially cost 8 Egyptian pounds (US$1.05), according to the World Bank.