EU Allocates €68 mn Grant for Egypt Gas ConnectionSource: www.export-egypt.com 11/3/2015, Location: Africa |
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The European Union (EU) has allocated a €68 Million Grant contribution to the Egypt Gas Connection Project.
The plan is meant to "address key priorities in Egypt's energy sector and boost its economic development," the EU mission in Cairo said in a press release. "This project will be implemented in collaboration with the French Development Agency (AFD) that will contribute with a €70 million loan and the World Bank (WB) that offered a USD 500 million loan," it added. "The Egyptian government has identified among its immediate priorities the need to increase the household use of natural gas," EU Higher Representative and Vice President (HRVP) Federica Mogherini said in the statement. "The EU grant will notably concretely support an estimated 800,000 poor households by reducing to half the cost of installing their gas connection. In due course, the project will alleviate the financial burden and support the disadvantaged population in switching to natural gas. With this support, the EU intends to enhance jobs' creation and service delivery to citizens in Egypt," Mogherini said in her remarks after signing the project's agreement. "The signature of this project is particularly relevant in the current context where the international community is working for a new global climate deal in Paris at the UN climate conference this December," she added. This project will also provide significant support to Egypt in advancing towards climate friendly and low carbon energy. "Through this project, the EU will further support the implementation of gas institutional reforms necessary to ensure the sector’s sustainability," she said. |
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