PM Witnesses Signing WB Loan to Extend Natural Gas for Houses

Prime Minister Ibrahim Mahlab witnessed Egypt’s signing of a USD 500 million loan with the World Bank (WB) to introduce natural gas to Egyptian households.

The loan will help fund the Petroleum Ministry’s plan to connect 850,000 Egyptians, particularly in Upper Egypt, to a natural gas grid, Minister of International Cooperation Najla Ahwani said a statement Thursday 11092014.

Egypt will pay back the WB loan over 30 years, with a five-year grace period.

Mahlab also witnessed the signing ceremony of an agreement with the European Union (EU) for a 67.6 million euro grant to fund short-term jobs for unskilled workers who are jobless.

Source : Egypt State Information Service