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Tokyo to provide USD 2bn financings to Cairo over 5 yrs

Monday 09 July 2018 05:18 PM

Japan’s ambassador to Cairo Takehiro Kagawa
Japan’s ambassador to Cairo Takehiro Kagawa

By Ahmed Ashour and Sammar El Sayed:
Japan’s ambassador to Cairo Takehiro Kagawa said that his country will give loans of USD 2 bn to Egypt over the next five years, adding that the amount is equivalent to the value of financing provided by Japan for developmental projects in Egypt during the previous years.
These loans include USD 800 mn for the Grand Egyptian Museum.
On the sidelines of signing a grant of EGP 15.4 mn, in favor of the Ministry of Finance, in the presence of Minister of Investment and International Cooperation Sahar Nasr, Kagawa said that his country has allocated USD 100 mn for teachers training, and USD 160 mn for establishing Japanese schools, bringing the total funding allocated for education sector to USD 260 mn.
He explained that his country decided to increase loan portfolio for the Egyptian education sector to cover the cost of building schools, establishing facilities and training teachers.
In statements to Al Mal newspaper, on the sidelines of celebration National Day of Canada organized by its embassy in Cairo last week, he said that about 40 Japanese modern schools are scheduled to open next September.
He added that there is a second phase of the project will be announced next year, noting that the project applies to 100 existing Egyptian public schools.