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Egypt Runs Out Of Money To Build New Grand Egyptian Museum

Egypt Runs Out Of Money To Build New Grand Egyptian Museum

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After numerous delays, Egypt’s Ministry of Antiquities has said that it needs a further $US 300 million to complete the Grand Egyptian Museum.

The announcement came as costs of the new museum rose from $US 800 million to $US 1.1 billion, said Antiquities Minister Mamdouh Al-Damaty.

According to the Minister, the increase in expenses came as the Egyptian pound weakened against the US dollar.

In an effort to boost funding, Egypt’s government has announced it will provide $US 37 million towards the completion of the Grand Egyptian Museum. A further $US 140 million will be provided from Japan. The Japanese Agency for Development Cooperation (JICA) had pledged to contribute towards 45 percent of the required financing of the Museum.

The Egyptian government further announced that it will form a committee to coordinate with JICA to explore new ways to finance and implement the project as it represents a “universal human value” and will provide Egypt’s national economy with a strong boost.

The Grand Egyptian Museum was set to open in 2015. It will be Egypt’s largest and primary museum and will be built over 117 acres.

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