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Egypt inks $240m agreement with Japan

Egypt inks $240m agreement with Japan
Japan’s current cooperation portfolio in Egypt reached $2.71 billion

Cairo – Mubasher: The Egyptian Minister of International Cooperation, Rania El-Mashat, and Minister of Finance, Mohamed Maait, signed an agreement with Japanese embassy and Japan International Cooperation Agency (JICA) to secure a loan worth JPY 20 billion ($240 million) to develop the country’s energy sector and support the state budget.

The agreement will support the Egyptian government's efforts to combat the coronavirus (COVID-19) pandemic, finance the electricity sector, and support Egypt’s Vision 2030 sustainable development and green growth strategy, the Ministry of International Cooperation said in a statement on Monday.

Maait revealed that the agreement includes financing the state budget to relieve the economic and social repercussions of the pandemic, support the most vulnerable sectors and individuals hardly hit by the COVID-19, and drive economic activities.

Japan’s current cooperation portfolio in Egypt reached $2.71 billion in 14 projects in several development sectors, including electricity, education, vocational education, higher education, scientific research, tourism, and antiques.