CAIRO: The World Bank (WB) is set to fund $500 million to connect natural gas pipelines to 5.1 million housing units, Al-Ahram newspaper reported.
The WB board of directors will approve giving Egypt a loan worth $500 million in their upcoming meeting to connect natural gas pipelines to 5.1 million housing unit for four years in 11 governorates, Deputy of Planning and Projects at Holding Company Natural Gas Gamal Higazy told Al-Ahram Monday.
The Holding Company for Natural Gas seeks to provide natural gas to about 800,000 clients during the current fiscal year through 13 companies.
Since the beginning of the project, the number of housing units that were connected to natural gas pipelines reached 6.192 million units in 24 governorates, Hegazy said.
He said providing natural gas to 800,000 housing units will save 4.1 billion EGP from the subsidy of the butane gas annually.
During the last fiscal year, the project connected natural gas pipelines to 666,000 housing units. The private sector companies undertook 42 percent of its work and are undertaking the connection work to 238,000 housing units from the current fiscal year plan to implement 30 percent of the project.
WB set to fund $500 million to promote natural gas use for the Aswan, Minya, and Asyut governorates in Upper Egypt in June, WB deputy regional manager Hisham Abu Daqah told CBC Extra television Saturday.
Former President Adly Mansour approved at the beginning of June a syndicated loan between Egypt and WB valued at $300 million to finance micro- and small enterprises, Youm7 reported.
The $300 million loan was initially signed between Egypt and WB officials in Washington D.C. on April 12.
Minister of Industry Mounir Fakhry Abdel Nour declared Saturday that WB approved giving Egypt a $300 million loan to fund small projects.