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


News

More in News

Perusing Books Amidst a Pandemic: the Cairo Book Fair to Offer Vaccinations for Attendees

Mariam Zakzouk25 January 2022

Surge in Egyptian Expat Remittances Offer Signs of Economic Stability

Ibrahim Abdou24 January 2022

‘We’ve Been Strategic Partners for the Last 40 Years’: Interview with US Ambassador to Egypt

Marina Makary23 January 2022

President Sisi Orders Bonuses for Teachers, Medical Interns and Public Sector Employees

Egyptian Streets19 January 2022

Israeli Forces Demolish the Salhiya Family Home in Sheikh Jarrah

Fadila Khaled19 January 2022

Egyptian Researcher Wins Award for Best Cancer Research in Germany

Farah Rafik19 January 2022

Cairo’s International Book Fair Returns for its 53rd Edition

Farah Rafik18 January 2022

Sawsan Badr to Recieve Award at 6th Aswan International Women Film Festival

Farah Rafik18 January 2022