Japan pledges USD460mn loan to finance Grand Egyptian Museum
Egypt and Japan International Cooperation Agency (JPCA) signed an executive financing agreements worth USD460mn for the completion of the Grand Egyptian Museum set to accommodate up to 15,000 visitors per day. The funding will be in the form of a loan paid over 25 years, at a 1.4% interest rate, with a seven-year grace period. 50% of the museum’s works have been finalised and the first phase will be inaugurated by 2017-end, according to the Minister of Antiquities Khaled El-Anani. (Amwal AlGhad)
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