World Bank to Review $500mn Loan for Gas Delivery to Egypt Homes

Egypt’s Ministry of Petroleum seeks to deliver natural gas to approximately 800.000 homes within the current fiscal year, looking to increase domestic gas usage to ration butane consumption.

The World Bank will be discussing in its coming board meeting a proposed loan of $500 million to finance Egypt’s natural gas delivery project, according to Gamal Hegazy, vice chairman for planning and gas Projects at the state-run Egyptian Natural Gas Holding Company (EGAS).

Hegazy stated that the loan is a part of the government’s plan to deliver natural gas to 5.1 million homes over the next four years in 11 governorates, Giza, Qalyubia, Dakahlia, Gharbia, Monufia, Ismailia, Alexandria, Sohag, Qena, Aswan, and Mersa Matruh, Ahram gate reported Monday.

Last year, Egypt delivered natural gas to 666.000 homes, he added.