Sisi endorses Japan’s $46m-loan for a Water Project

President Abdel Fattah al-Sisi approved Thursday a loan worth 5.854 billion yen (US$46.5million) provided by Japan to the Egyptian government to establish new aqueduct project in Dairut city.

Dairut is located on the west bank of the Nile, in the Asyut Governorate, about 335 kilometers (208 miles) south of the capital, Cairo.

The loan’s agreement was signed during Egypt Economic Development Conference (EEDC) -held on March in Sharm El Sheikh- between the Irrigation Minster Hossam Moghazy and officials from the Japanese International Corporation Agency (JICA).

The project aims to provide 3,500 job opportunities during the initial phase.

Dairut City’s new aqueduct is planned to be finished within five years, and to start operating by 2022.