The Arab International Bank (AIB) has sealed a loan agreement with the Egyptian Natural Gas Holding Company (EGAS) to finance the company’s plan to install two natural gas supply lines in the distance from Taba to Sharm El-Sheikh and Shokair to Hurghada with total investments of $90 million
Atef Ebeid, AIB chairman said the bank would coordinate the loan provided by a group of eight banks to finance the holding company’s scheme. The other seven banks in the group include Societe Arabe Internationale de Banque, Egyptian Saudi Finance Bank, Piraeus Bank, United Bank of Egypt, National Bank for Development, the National Bank of Abu Dhabi, and Audi Bank.
Egyptian Minister of Petroleum Eng. Sameh Fahmy said the agreement would help EGAS accelerate construction of the two gas supply lines with its appropriate payment facilities.
The project aims at providing natural gas to six million housing units over the next six years and about 1,000 factories and 500 commercial enterprises.