Cairo – Mubasher: Egypt’s investment minister Sahar Nasr has signed a $200 million investment agreement with the European Bank for Reconstruction and Development (EBRD) to bolster the Egyptian Natural Gas Holding Company’s energy efficiency project.
The project aims at investing in Egypt's gas pipelines and its infrastructure to transfer gas, as well as enhancing the energy efficiency in the Arab world's most populous country by injecting environmental investments into the gas grid, Nasr said in a statement on Wednesday.
EGAS and Egypt Gas Co will execute the project, the minister added.
The EBRD’s investments in Egypt reached EUR 2.7 billion into 52 projects in the fields of infrastructure, energy, sewage, water, and transport, Nasr added, noting that the bank has technically helped more than 500 small- and medium-sized enterprises (SMEs).
The lender will help to install gas measurement systems in Egypt, which is an essential step towards using efficient energy in terms of cost, said director of natural resources at EBRD Eric Rasmussen.
The EBRD seeks to boost the green economy financing by 40% of its annual investments in a year, Rasmussen added.
The bank supports Egypt's renewable energy sector by $500 million in 2017, he mentioned.
On 21 December, the EBRD posted that it would provide a loan of up to $150 million to bolster the leading agri-business Olam International’s operations in Egypt, Georgia, Poland, Turkey, and Ukraine.
