Egypt-Kuwait Sign Two Agreements of $ 60 mn

Prime Minister Hisham Qandil witnessed on 25/9/2012 the signing of two agreements worth US $ 60 million with Kuwait Fund for Arab Economic Development that will help in the expansion of the country's natural gas distribution network. A loan agreement between Egypt and the Kuwaiti Fund was signed to grant Egypt some $ 60 million to expand the network in the governorates of Cairo and Giza (the second phase). The second agreement was signed between the Fund and the Egyptian Natural Gas Holding Company (EGAS) to make the necessary arrangements to implement the project.

The agreements were inked by Minister of Planning and International Cooperation Ashraf el-Arabi, President of EGAS Mohamed Shwaib and Director-General of the Kuwaiti Fund, Abdel-Wahab Ahmed el-Badr. Petroleum Minister Osama Kamal attended the signing ceremony. El-Arabi pointed out that the natural gas will be supplied to around 2 million housing units in Cairo and Giza. He also said that the loan duration is 21 years, including 4 years as a grace period with an interest rate %3.