Arab financing for the Egyptian gas pipeline

The Arab Fund for economic and social development in collaboration with the Kuwaiti development fund has agreed to participate in financing the project to install the natural gas project to transport the Egyptian natural gas to Syria, Lebanon and Jordan.

The four- member agreement signed by the ministers of oil and energy in the four Arab states during their meeting in Beirut by the end of 2000.

The Egyptian minister of oil Sameh Fahmi said that he will hold in March discussions with officials in Syria on means of providing necessary supplies to install the natural gas pipeline to Syria through Jordan.

Eng. Fahmi indicated that the first phase of the project to install the gas transport line to Jordan will be completed at a cost of USD 150 million of which the Kuwaiti development Fund contributed at USD 100 million, while the Arab Fund for development will be at USD 50 million.

He added that the needs of Syria, Lebanon of the Egyptian gas will be provided in the next phase.