The European Bank for Reconstruction and Development (EBRD) approved earlier this week a $200 million loan to finance the energy efficiency project of the Egyptian Natural Gas Holding Company (EGAS).
Focusing on improving the gas pipeline and transmission network of Egypt, the EBRD said on its website that the loan will be directed to installing waste heat recovery, turbo-expanders, gas metering data systems infrastructure and liquefied petroleum gas (LPG) separation plant and carbon dioxide removal from wet gas systems.
Around $125 million will be directed to waste heat recovery technologies, however, the rest of the loan will be allocated to other projects.
“The project will help conserve considerable amounts of currently used energy, and as such yield significant greenhouse gas emission savings in excess of 251,000 tons of carbon dioxide a year,” the EBRD added.
The EBRD has been investing in Egypt since 2012, placing a strong focus on sustainable energy and renewable energy sources. In total, the bank has financed over 50 projects worth more than €2.6 billion.
Approved to finance a total of 16 solar projects in Egypt at a total capacity of 750MW, the EBRD pledged $500 million in funding framework for the feed-in-tariff (FiT) project.
(Source: Egypt Today)