Cairo – Mubasher: The Egyptian Ministry of International Cooperation said that the Committee of Culture, Media and Tourism affiliated to the People’s Assembly has approved the second phase loan for the Grand Egyptian Museum.
The approval which came last week involves a $450 million loan, the ministry said in a statement released Saturday.
It added that the committee has tackled the project objectives, components, and financing conditions in the presence of representatives from the foreign, tourism and international cooperation ministries.
The committee, chaired by Osama Heikal, recommended the quick implementation of the project in accordance with the laid out timetable, so that the Grand Egyptian Museum can be partially inaugurated by mid-2018 and help boost tourism in the country.
Minister of international cooperation Sahar Nasr previously signed a $460 million agreement in October 2016 with the Japanese ambassador in Cairo to continue the construction work for the Grand Egyptian Museum.
Egypt, the most populous Arab country, is working on increasing incoming tourism to boost revenues which help raise its foreign currency reserves.
Back in April 2006, the Egyptian government and the Japan International Cooperation Agency (JICA) signed and discussed agreements regarding a loan to build the Grand Egyptian Museum.
