EBRD provides US$200 million loan to develop Egypt’s gas infrastructure
December 27, 2017
The EBRD is providing a US$200 million loan to the Arab Republic of Egypt to finance the modernisation of selected gas infrastructure facilities, which shall improve energy efficiency and reduce impacts on the environment.
Egypt has an energy intensive economy compared to its neighbouring regional countries, making it among the top five greenhouse gas (GHG) emitting countries within the EBRD’s countries of operation.
The rapid growth in power demand as well as gas supply shortages have given rise to supply concerns. This makes Investments in energy efficiency critical for Egypt, in order to meet its growing domestic energy demand and to achieve a sustainable balance in the energy sector.
EBRD is actively supporting Egypt’s efforts in diversifying its energy mix, having made a major contribution in renewable energy in Egypt through US$ 500 million framework for renewable energy in 2017.
Eric Rasmussen, EBRD Director for natural Resources, said: “We are very pleased to support Egypt’s strong drive towards a renewal and overhaul of its energy system. The development of the gas infrastructure plays an important role in this effort. The project we are signing today represents a major step forward and it also demonstrates the EBRD’s commitment to support Egypt and the country’s sustainable and successful development”