News

Egypt to Receive $451 Million Loan From Japan to Fund Grand Egyptian Museum

Egypt to Receive $451 Million Loan From Japan to Fund Grand Egyptian Museum

The site of the Grand Egyptian Museum, located near the Giza Pyramids. (AP Photo/Amr Nabil)
The site of the Grand Egyptian Museum, located near the Giza Pyramids. (AP Photo/Amr Nabil)

Japan will be providing Egypt with a concessional loan worth USD 451 million to resume construction of the Grand Egyptian Museum, Egypt’s cabinet announced on Sunday.

The announcement of the loan comes after Egyptian Prime Minister Sherif Ismail met with Japan’s Vice Minister for Foreign Affairs, Motome Takisawa, to discuss bilateral cooperations and boosting ties between the two nations.

The two also discussed increasing Japanese tourism to Egypt, as well as the possibility of Japan supporting Egyptian Ambassador Moushira Khattab’s bid to become UNESCO’s Director-General.

Last year, then-Minister of Antiquities Mamdouh Al-Damaty announced that funding for the museum had run dry, as costs increased from USD 800 million to USD 1.1 billion. The increase in costs came as the EGP weakened against the USD.

The Grand Egyptian Museum was set to open in 2015; however, its opening is now scheduled to take place in 2018. It will be Egypt’s largest and primary museum and, spanning 117 acres, will house over 100,000 artifacts.

While the Museum’s construction has faced numerous delays, a new conservation and restoration center for antiquities has been developed and is already in operation, with experts working on antiquities that will be displayed at the Grand Egyptian Museum once it is opened.

Former minister Al-Damaty also announced that the museum will be managed independently to ensure that it is free of bureaucratic restraints.

The minister said that this was previously done with Bibliotheca Alexandrina, Alexandria’s library, which opened in 2002 and has administrative independence.

Road Accidents Cost Egypt EGP 30.5 Billion in 2015: CAPMAS
Two Egyptian Policemen Killed in Checkpoint Shooting

Subscribe to our newsletter


News

More in News

A snapshot from a video released on Twitter by Ansar Bayt al-Maqdis on August 28, 2014.

Australia Declares ‘Ansar Bait Al-Maqdis’ a Terrorist Organization

Egyptian StreetsDecember 10, 2016
nieuwe-groep-claimt-aanslag-cairo-961x658

Seven Killed in Giza, Kafr El-Sheikh Explosions Targeting Police

Egyptian StreetsDecember 10, 2016
1000_1472412595osama_mursi_22415

Former President Morsi’s Son Arrested

Egyptian StreetsDecember 9, 2016
azzasoliman

Egyptian Women’s Rights Activist Azza Soliman Released on Bail after Arrest

Egyptian StreetsDecember 8, 2016
Credit: Martin Roemers/Anastasia Photo

Professors and Doctors Among 45 Arrested in Egypt Organ Trafficking Ring

Egyptian StreetsDecember 6, 2016
05black

Egypt’s Foreign Reserves Rise to $US 23 Billion

Egyptian StreetsDecember 6, 2016
1200x-1-1024x697-1

Naguib Sawiris Steps Down as CEO of Orascom in Surprise Resignation

Egyptian StreetsDecember 6, 2016
One of the leaked images allegedly from a Heinz Egypt factory.

Senior Heinz Egypt Employee Arrested After 62 Tonnes of Rotten Tomatoes Found

Egyptian StreetsDecember 6, 2016
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2016 ES Media UG. All Rights Reserved.