Japan Loans Egypt $451 Million to Resume the Construction of the Grand Egyptian Museum
Via the Egyptian cabinet’s official website.
In result of a meeting between the Egyptian Prime Minister and the Japanese Vice Minister of Foreign Affairs over the bilateral cooperation and boosting ties between both nations, the Egyptian cabinet announced that Japan will deliver a concessional loan of USD 451 million to fund the construction of the Grand Egyptian Museum.
This loan being concessional means that it is more generous than market loans; this could either be through below-market interest rates, grace periods or a combination of both. Japan also announced its eagerness to send larger numbers of tourists to enjoy Egypt’s wonders.
The museum was set to open in 2015; however, its opening is now scheduled to take place in 2018 due to the series of devaluation of the local currency against the USD and consequently running out of fund. It will be Egypt’s largest and primary museum and, spanning 117 acres housing more than 100,000 artifacts.
WE SAID THIS: Oh hurry up 2018!
