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Egypt : EGYPT to secure $500m loan from WORLD BANK

August 12, 2014

Egypt will get a $550 million loan from The World Bank to boost gas delivery across Egyptian households.

The World Bank said: World Bank will finance the supply of gas to homes across the country. This move is a way of supporting the government s programme to transform consumption from imported liquefied petroleum in cylinder to natural gas.

The loan will be repaid in a term of 28 years.

The deal will be penned as soon as World Bank president visit Cairo.

The Project is likely to link more than 8 million homes to the natural gas distribution system, increasing energy reach to the 5.8 million homes presently served.

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Source: TendersInfo (India)

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