International lenders to support Egypt’s USD1.2bn natural gas connection project
The World Bank, EU and French Development Agency (AFD) have all contributed funding to the USD1.2bn project to connect more Egyptian households to the natural gas grid. Egypt received USD300mn from the World Bank, a EUR70mn (USD85.8mn) grant from the AFD and a EUR68mn (USD83.4mn) grant from the EU. The funding went to connect around 1.2mn households in 20 governorates to the grid in 2018, according to a video released by EU’s Egypt delegation. Collections from installation fees contributed USD326mn in financing to the project, while the country’s EGAS is covering the remaining USD473mn, according to Al Mal.
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