Egypt secures $500mn World Bank loan

Cash to fund the Egypt Household Natural Gas Connection Project

Egypt is seeking to recover from its biggest energy crisis yet.
Egypt is seeking to recover from its biggest energy crisis yet.

Egypt has secured a $500mn loan from the World Bank to fund a major gas porject, which will help meet the country's spike in domestic demand.

The loan has a maturity period of 28 years and a half, and a grace period of 7 years.

"The objective of the project is to assist the country with increasing household access to reliable, lower cost, grid connected natural gas supply," the World Bank said on their website.

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