Japan International Cooperation Agency (JICA) announced last week that it has signed a loan agreement with the Government of Egypt to provide a Japanese Overseas Development Assistance (ODA) loan of up to 100,000 million Japanese yen ($722 million) for the Greater Cairo Metro Line 4 Phase 1 project.

The agreement constitutes the third tranche of funds for the metro project with the first and second tranches signed in 2012 and 2022 respectively.

The signing took place on 30 April 2023 at the presidential palace and was attended by Prime Minister Kishida Fumio, who was visiting Egypt at the time, JIC said in a press statement.

The agreement for the JPY 41,000 million ($306 million) second tranche was signed in December 2022.

The JPY 32.717 billion first tranche agreement was signed in March 2012.

The total project cost of Line 4 Phase 1 is JPY 552.465 billion ($4 billion), according to JICA ex-ante evaluation statements.

View: Japan’s development funding for Egypt reaches $3.9bln

(Writing by SA Kader; Editing by Anoop Menon)