European bank gives 50-mln-euro loan to Egypt for gas line project

The European Investment Bank (EIB) has joined a group of investors to finance Egypt's south-bound gas pipeline with a 50-million-euro loan, MENA news agency reported on Friday.

Egyptian Minister of Petroleum Sameh Fahmi confirmed the news Friday after the EIB and the Egyptian Natural Gas Holding Company signed an agreement to finance a 115-km-long gas pipeline between Minia and Assuit, which will be extended to its south.

Egypt is planning to extend the gas pipeline to the southern governorates of Suhag, Qena and Aswan, said Fahmi.

EIB vice-president Philippe de Fontaine Vive said petroleum plays an important role in the Egyptian economy since the oil and gas sector was one of Egypt's major foreign currency earners.

Source: Xinhua