Egyptian President Abdel-Fattah El-Sisi has approved a Japanese loan worth 49.4 billion yen (approx. $460 million) to carry out the second phase in the construction of the Grand Egyptian Museum, state news agency MENA reported on Thursday, citing the country’s official gazette.
In October last year, Minister of Investment and International Cooperation Sahar Nasr signed the exchange of letters for the loan with the Japanese ambassador in Cairo.
Minister of Antiquities Khaled El-Anani has said that 50 percent of the work to create the new museum has been finalised and the first phase will be inaugurated by the end of this year; it will include a room for Tutankhamun’s relics.
The museum, expected to be one of the largest in the world, is located two kilometres from the Giza Pyramids.