(MENAFN) The Egyptian government was confirmed to have approved of a USD200 million loan agreement with the European Bank for Reconstruction and Development (EBRD).
The loan was explained to be on-lent to state-run Suez Oil Processing Company (SOPC).
The deal was explained to be looking to back a project that comprises of energy efficiency investments in SOPC fully consistent with the Green Economy Transition (GET) Approach along with other renovations and installations.
The EBRD is deeply determined to support its countries of operations, especially Egypt, in adopting an environmentally-friendly model of development with the help of its Green Economy Transition (GET) approach.
The loan is to be extended to the Egyptian Natural Gas Holding Company (EGAS) and its subsidiary Egyptian Natural Gas Company (GASCO) in order to fund the implementation of state-of-the-art technologies to recover waste heat from gas turbines used to drive gas compressors.
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