Egypt Secures $17.7b in Funding from Japan

Egypt Secures $17.7b in Funding from Japan

Egypt’s President Abdel Fattah Al-Sisi held meetings with Japanese Prime Minister Shinzo Abe during his state visit to Tokyo in attempt to boost mutual cooperation in the energy, education and development sectors, the government informed in a press release. Sisi and Shinzo Abe reached an agreement according to which Japanese companies are set to take part in Egyptian projects worth about .

7b in the electricity and other sectors, Al Bawaba informed. In addition, Japanese and Egyptian companies are scheduled to sign more than 10 memorandums of agreement.

In a joint press conference with Japanese Prime Minister, President Sisi said keenness on developing relations coincides with the two peoples’ desire to overcome the challenges and achieve economic development in many fields, according to All Africa.

Earlier, President Sisi met also with President of Japan International Cooperation Agency (JICA), Shinichi Kitaoka, seeking to expand bilateral cooperation. Sisi expressed gratitude for the JICA’s assistance to finance development projects in Egypt, hoping for more cooperation with the Japanese agency, especially in the field of renewable energy.

He added that there were many opportunities open for Japan to carry out major energy projects in the country. In addition, it was agreed that JICA will offer a soft loan to Egypt to set up a 20MW solar power plant in Hurghada, increase the capacity of three state-owned power production and distribution companies in Egypt, and finance expansion works of Borg el Arab airport, Kitaoka explained.

Previously, Egyptian Minister of International Cooperation Sahar Nasr signed three concessional loan agreements with Japan’s International Cooperation Agency worth more than $450m to finance projects in the energy and transport sectors.


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