Egypt Receives $200mn EBRD Loan

The European Bank for Reconstruction and Development said December 27 it has made a $200mn loan to Egypt to modernise gas infrastructure.

This EBRD loan will be extended to state Egyptian Natural Gas Holding Company (Egas) and its subsidiary Gasco to fund use of new technology to recover waste heat from gas turbines used to drive gas compressors. Recovered heat will be used to produce additional energy, which will drive new electric compressors and replace fuels on-site, said the EBRD, and will lead to an annual reduction of over 250,000 tonnes of carbon-dioxide equivalent (CO2e).

Tarek El Molla, Egyptian Minister of Petroleum and Mineral Resources, said: “The EBRD will also provide technical assistance in addition to the $200mn 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."

To date, EBRD has invested €3.2bn in 73 energy, transport and wastewater infrastructure projects in Egypt.