Egypt: World Bank approves $500m gas connection project


Issue 283 - 08 Aug 2014 | 2 minute read

On 24 July, the World Bank approved a $500m loan to expand the Egypt Natural Gas Connection project, reducing the number of homes using heavily subsidised imported liquefied petroleum gas (LPG). The enhanced project is expected to cost nearly $1.5bn in total and aims to connect 2.4m households to the gas network in 11 governorates, including three in Upper Egypt. Fuel subsidies have accounted for 18-20% of recurrent expenditure in Egypt over the past few years, equivalent to 5-7% of gross domestic product. The government has been relying on $17bn of assistance pledged by Kuwait, Saudi Arabia and the United Arab Emirates to pay the bills, of which $12bn has already been received.

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