News

Egypt Runs Out Of Money To Build New Grand Egyptian Museum

Egypt Runs Out Of Money To Build New Grand Egyptian Museum

museum

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.

Egypt's President Sisi Holds Summit With Cyprus, Greece and Excludes Turkey
71 Sentenced to Life in Prison for Torching Church in Egypt

Subscribe to our newsletter


More in News

Egypt-Qatar Summit: Newly Reconciled Countries Committed to Furthering Cooperation

Eleonora Christo Vostanis26 June 2022

UN Concludes Palestinian Journalist Shireen Shireen Abu Akleh Killed by Israeli Forces

Egyptian Streets25 June 2022

Former Al-Azhar Dean Condemned for Victim-Blaming Murdered Mansoura Student

Mona Abdou22 June 2022

Egypt Loses $23 Billion from COVID-19, Ukraine Conflict

Shereif Barakat21 June 2022

Egyptian Woman Slaughtered at University ‘For Rejecting Man’

Amina Zaineldine20 June 2022

Egyptians Can Now Apply to Join Netflix’s ‘Squid Game’ Reality Show

Eleonora Christo Vostanis18 June 2022

Arrivals to Egypt No Longer Need to Worry About COVID-19 Restrictions

Egyptian Streets17 June 2022

Egypt’s Prime Minister Urges Egyptians to Rationalize Food Consumption

Egyptian Streets16 June 2022