Egypt Agree to a Loan from the World Bank $500 millionSource: www.export-egypt.com 11/11/2014, Location: Africa |
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Egyptian President Abdel Fattah Sisi approved a loan agreement between the Egyptian government and the World Bank for Reconstruction and Development to implement the project of natural gas Delivery.
“the value of the loan amounting to 500 million US dollars, which is a soft loan with more than 77% of the value of the loan and grant will provide more than pay for the remaining amount for 28 years, including a grace period of seven years.” Said Alaa Youssef, spokesman of the presidency. He added that the project aims to contribute to help the Egyptian government to expand the supply of housing units with natural gas from the national grid, and so effectively and at a lower cost. He explained that the project consists of three axes, namely the expansion of the gas network and home delivery, and provide financial support for fees Gas supply of residential units in the poor areas in the governorates of Giza, and Giza, and Menoufia, Dakahlia, and Western, and Sohag, Qena and Aswan, and Marsa Matruh, and Alexandria, Ismailia , as well as institutional support through the development of the financial management system and information system, and provide technical support for the development of the natural gas sector. |
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