Minister of Planning and Economic Development, Hala El-Said and Minister of Petroleum and Mineral Resources, Tarek El Molla witnessing the signing of the protocol on Wednesday 1 September, 2021.
The Ministry of Planning and Economic Development and the Ministry of Petroleum and Mineral Resources have inked a cooperation protocol concerning financing the implementation of natural gas grid projects in accordance with the Decent Life Presidential Initiative.
The protocol was signed by the Chairman of the Egyptian Natural Gas Holding Company, Magdy Gala, and the Planning Minister’s Deputy, Ahmed Kamaly.
Planning Minister Hala El-Said stated that the signed protocol aims to manage and provide the required finances for in-progress natural gas projects included in the initiative’s plan.
She noted that the estimated cost for the first phase of the project, which includes four million beneficiary housing units, will exceed EGP 17 billion during the current FY2021/2022. The first phase is expected to increase natural gas coverage in the initiative’s areas from 4 percent to 100 percent.
“This measure comes in line with Egypt’s transition towards a green recovery and implementing projects that consider clean energy prospects that save the average household around EGP 636 per year spent on buying butane gas cylinders,” the minister elaborated.
On his part, Minister of Petroleum and Mineral Resources Tarek El-Molla said that the ministry is currently working on setting up grids that will provide natural gas to the 1,413 villages in the first phase of the project.
He added that gas delivery projects carried out under the Decent Life Initiative facilitate the accomplishment of Egypt’s goal to deliver natural gas to households across the country and double the delivery rates to over seven million housing units that will be linked to the natural gas grid for the first time over the coming three years.