The Ambassador of Japan to Cairo Masaki Noke signed a memorandum of understanding with Minister of International Cooperation Rania al-Mashat, whereby the Government of Japan will provide a loan of 25 billion Japanese yen (US$240 million) to develop Egypt’s electricity sector. A statement issued by the Japanese embassy in Egypt said that the value of this loan is the largest since a loan was presented to the Grand Egyptian Museum and another was granted to the electricity sector in October 2016. The purpose of the loan is not limited to supporting Egypt’s efforts to develop the electricity sector, but also aims to reduce the financial gap in Egypt, the statement said – which marks the first time that Japan has provided a loan for this purpose to Egypt. The statement hoped the loan will help in quickly relieving the burden on the Egyptian economy resulting from the coronavirus pandemic. Noke explained that the loan targets the development of the electricity sector, which is one of the priorities of Egypt’s Vision 2030 sustainable development strategy.

Source: Egypt Independent February 15, 2021 13:07 UTC