France Grants EGP 1.2 B for Egypt’s Energy, Gas Projects

Egypt and France have signed two grants on Tuesday, October 8, 2019 with a total value of €71 million (EGP 1.2 billion) to fund a €68-million project of delivering natural gas to houses, in addition to a €3-million program of energy sector support, according to an official press release.

Sahar Nasr, Minister of Investment and International Cooperation, stressed that the €69 million agreement is keen on covering the cost of delivering the gas to houses in the neediest villages, which amounts to EGP 2,060 for each house, with a target of 2.4 million households over four years.

Nasr pointed out that the above-mentioned project was funded through a financing package from the French Development Agency (AFD), the World Bank (WB), and the Kuwait Fund for Arab Economic Development (KFAED).

On the other side, Stéphane Romatet, French ambassador in Egypt, said that France has a great ambition to see natural gas delivered to all Egyptian families.

It is noteworthy that Egypt’s current cooperation portfolio with France valued at €1 billion in the fields of transportation, electricity, small- and medium-sized enterprises (SMEs), housing, agriculture, healthcare, and the environment.