The Egyptian Minister of Petroleum Sameh Fahmy announced that the European Investment Bank (EIB) will finance Egypt’s south-bound gas pipeline with a 50-million-euro loan, reported MENA news agency.
The EIB and the Egyptian Natural Gas Holding Company signed an agreement to finance a 115km-long gas pipeline, located between Minya and Assuit.
Egypt is planning to extend the gas pipeline to the southern governorates of Sohag, Qena and Aswan, said Fahmy.
On his part, EIB vice-president Philippe de Fontaine Vive pointed out that “petroleum plays an important role in the Egyptian economy since the oil and gas sector was one of Egypt’s major foreign currency earners.”