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Sunday, 28 August 2016

Nasr meets with World Bank, AFD, EU reps on natural gas connection project

International Cooperation Minister Sahar Nasr met with a delegation from the World Bank that also included representatives from the French Development Agency (AFD) and the EU to discuss a project to connect natural gas to 2.4 mn homes, read a statement from the ministry. Nasr pushed to increase the governorates covered by the project to 20 instead of 11, to include more from Upper Egypt. The World Bank is contributing USD 500 mn to the project, the AFD is contributing EUR 70 mn, while the EU offered a grant worth EUR 68 mn.

Meanwhile, Nasr will hold talks with the World Bank over the second USD 1 bn tranche of the USD 3 bn development loan signed last December during the IMF/World Bank fall meetings in October, government sources tell Al Borsa. The talks must be predicated on Parliament accepting the agreement, the source added.

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