Egypt, Japan ink $230M development financing agreement
Updated 12/18/2024 1:49:00 PM
Arab Finance: Egypt signed a $230 million concessional development financing agreement with Japan to support the Arab country’s budget and support private sector development, according to an official statement.
Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, penned the deal with Fuji Hisayuki, Japan’s State Minister for Foreign Affairs.
The financing aims to back Egypt’s development policy to drive economic diversification, strengthen structural reforms, and promote the green transition.
Al-Mashat also sealed a grant worth $1.17 million for the renovation of the Cairo Opera House, aimed at enhancing the infrastructure of the National Cultural Center.
This will be implemented through the development of equipment and services in collaboration with the Japan International Cooperation Agency (JICA).
Furthermore, the minister announced a $2.3 million grant under the Economic and Social Development Program to benefit the Ministry of Agriculture.
The grant will be used to expand agricultural mechanization technology at low costs and reduce operational expenses, contributing to increasing agricultural production.
Over the last seven decades, Japan provided Egypt with grants and technical assistance totaling approximately $2.4 billion in value, alongside development financing estimated at $7.2 billion.
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