Less than twenty-four hours after launching a fundraising campaign for the under-construction Grand Egyptian Museum, contributions from Egyptian donors had reached a total of LE52 million.

Antiquities minister Mohamed Ibrahim said in a statement that Al-Ahly Bank had offered $1.5 million (LE10.5 million) to finance the construction work of the display building and another $3.5 million (LE24 million) for the museum’s library. Banque Misr has offered LE12 million to finance the equipment needed for the school associated with the museum, while the Sewiris family, one of Egypt’s richest business dynasties, contributed LE5 million.

Ibrahim toldAhram Online thatthe Ministry of Tourism has made its own contribution of LE5 million, to be paid at the end of 2014, and another amount of LE 25 million, which will be paid over five years.

The museum project is 65 percent funded by the Japan International Cooperation Agency, which is providing a $300-million soft loan to be repaid over 30 years at an interest rate of 1.5 per cent.

Payments will be made in instalments after a 10-year grace period following the GEM's official inauguration. Another $27 million was donated by businessmen, while the Ministry of Culture provided $150 million.

The museum, located at the Giza plateau next to the pyramids, is due to open next year.

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