Japan grants 32.717 bn yen loan to Egypt

Japan extended concessional loans to Egypt in order to implement large-scale economic infrastructure projects such as Cairo’s planned fourth underground metro line for which Japan agreed to extend Egypt a 32.717 billion yen (=EGP 2.274bn) loan.

Egypt will repay the loan over a 40-year period at 2 per cent interest, with a ten-year grace period.

Noteworthy that the Egyptian government in late 2010 submitted a request to Japan’s embassy in Cairo for a long-term loan with which to finance construction of the planned fourth metro line.