Egypt has entered into a $500 million loan with the World Bank to provide natural gas to households in Egypt.
According to Najla Ahwani, Minister of International Cooperation in Egypt, the loan will help fund a Petroleum Ministry plan to connect 850,000 houses, particularly in rural Upper Egypt, to a natural gas grid.
The ministry statement on Wednesday stated that, Egypt will be paying back the World Bank loan over 30 years, with a five-year grace period.
Hartwig Schafer, bank country director for Egypt, Yemen, and Djibouti, at World Bank, said, Conversion to piped natural gas will help give households access to a safer, more reliable and cheaper supply of gas compared to buying LPG cylinders.
Reuters
