Daily News Egypt

World Bank negotiating $500m loan for gas delivery to homes - Daily News Egypt

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World Bank negotiating $500m loan for gas delivery to homes

Correction: Daily News Egypt is republishing this article because the World Bank was incorrectly said to have already approved the loan in the original article

The World Bank is in negotiations to grant Egypt a loan of $500m to finance delivery of natural gas to approximately 800,000 housing units through the next fiscal year, according to Khaled Abdel Badie, chairman of the state-run Egyptian Natural Gas Holding Company (EGAS).

Abdel Badie told Daily News Egypt that procedures for the signature of the loan are currently underway.

He added that that the loan is a part of the government’s plan to deliver natural gas to homes over the next three years.

The Ministry of Petroleum is looking to increase deliveries of natural gas in order to ration the consumption of the cooking gas butane, which takes up a large portion of subsidies on petroleum products.

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