Misr Insurance Company agreed to insure EGP 50 million in interest-free loans offered by Nasser Social Bank to poor families to assist them in purchasing natural gas, Amwal Al Ghad reports.
The insurance policy will cover the risk of non-repayment, the Chairman of Misr Insurance, Adel Moussa, said, noting that it would benefit many poor families.
The Egyptian Natural Gas Holding Company (EGAS) is also a party to the agreement.
The government is seeking to connect 1.2 million poverty-level households to the natural gas grid. In addition to the EGP 50 million provided by Nasser Social Bank in interest-free loans, the European Union (EU) is providing a $47.67 million grant to support the project.