CAIRO: During his visit to Tokyo, President Abdel Fatah al-Sisi will witness Monday the signature ceremony between government and Japan International Cooperation Agency (JICA) to get soft loans for financing certain projects in Egypt, an official from the agency’s bureau in Cairo told Youm7 Sunday.
The value of soft loans are worth at $450-455 million with an interest rate less than 1 percent to finance three projects, the official added on spoke on condition of anonymity as he was not authorized to speak to media.
The projects include developing power electricity networks in three power plants nationwide, establishing a solar power plant in Hurghada, and financing expansion in Alexandria’s Borg al-Arab International Airport to be the first eco-friendly airport in the Middle East, the official continued.
President Sisi will also witness signature of more than 15 deals between the Egyptian government and Japanese companies in different fields, he added.
JICA’s portfolio in Egypt is estimated at around $2.2 billion, according to statement stated by Egyptian Minister of International Cooperation Sahar Nassr in December 2015.
Nassr has announced in media remarks that the Ministry is negotiating with Japan to get around $400 million in soft loans as development projects in Brog al-Arab Aiport needs around $152 million.
Sisi arrived in Japan Sunday in the second leg of his three-country Asian tour; He will also meet with Japanese Prime Minister Shinzo Abe and Japanese Emperor Akihito to discuss issues of mutual interest and ways to boost bilateral cooperation in several domains including education and energy.
The President started his Again tour Thursday, heading to Kazakhstan where he enhanced cooperation relations. it is scheduled that he will fly Wednesday to South Korea.