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Japanese companies to invest in Egyptian projects worth $18 bln

Ahram Online , Tuesday 1 Mar 2016
A handout picture released by the Egyptian Presidency on 29 Feb., 2016, Egypt's President Abdel Fattah El-Sisi (R) attends with Japan's Prime Minister Shinzo Abe (L) agreements signings at Abe's official residence in Tokyo, Japan (Photo: Egyptian Presidency)
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Japanese companies are set to take part in Egyptian projects worth about 2 trillion yen ($17.7 billion) in the electricity and other sectors, Reuters reported, quoting Prime Minister Shinzo Abe as saying on Monday after meeting Egyptian President Abdel-Fattah El-Sisi in Tokyo.

Abe did not elaborate on the projects, but an official at Japan's foreign ministry said Japanese and Egyptian companies are scheduled to sign more than 10 memorandums of agreement on Wednesday.

On Monday, Egyptian Minister of International Cooperation Sahar Nasr signed three concessional loan agreements with Japan International Cooperation Agency worth more than $450 million to finance projects in the energy and transport sectors.

Abe and El-Sisi also announced that they agreed to hold a dialogue between their defence and foreign ministry officials periodically to strengthen security ties.

El-Sisi's visit to Japan comes as part of his third tour to Asia.

Earlier Tuesday he met with Japan's Crown Prince Naruhito in Tokyo.

The Egyptian president also met with a number of Japanese CEOs, including the CEOs of Mitsubishi Heavy Industries and Toyota motors to discuss investments opportunities in Egypt. 

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