Nine banks finance natural gas line to Sharm, Hurghada

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CAIRO: The Arab International Bank has sealed a loan agreement with the Egyptian Natural Gas Holding Company to finance the company’s scheme to install two gas supply lines from Taba to Sharm El Sheikh and Shokair to Hurghada with a total value of LE 355 million and $90 million (LE 512 million)..

Chairman of the bank Atef Obaid said the bank would coordinate the loan provided by a group of eight banks to finance the holding company’s scheme.

He said that the other seven banks in the group include Societe Arabe Internationale de Banque, Egyptian Saudi Finance Bank, Piraeus Bank, United Bank of Egypt, National Bank for Development, the National Bank of Abu Dhabi, and the Audi Bank.

The Egyptian Minister of Petroleum Sameh Fahmy said the agreement would help the holding company accelerate construction of the two gas supply lines with its appropriate payment facilities.

The gas supply lines aim to provide natural gas to six million housing units over the next six years with total investments of LE 30 billion and about 1,000 factories and 500 commercial enterprises.

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