President Abdel Fattah El Sisi issued a republican decree of law no. 37 for 2018, regarding an approval for a loan agreement for the Egyptian Natural Gas Holding Company (EGAS)’ energy efficiency projects, Ahram Gate reported.
The loan agreement was signed on December 27, 2017 by Egypt and the European Bank for Reconstruction and Development (EBRD) to grant EGAS a $200 million loan.
The $200 million loan is aimed at funding the modernization of certain gas infrastructure facilities in order to improve energy efficiency and to decrease environmental impacts, EBRD said.
“The EBRD will also provide technical assistance in addition to the US$200 million loan, which will contribute to the upgrading of gas metering systems throughout the Egyptian gas transmission network, a key step towards an efficient and cost conscious use of energy,” Minister of Petroleum, Tarek El Molla, previously commented.