Egypt signs $700mln transport deal with Japan

Egypt signed its largest transportation investment package with Japan on Sunday, to financing Cairo’s metro expansion, a 30-km stretch of land that would link Egypt’s 6th of October City to the Giza plateau, valued at $734 million, said Egypt’s Cabinet.

During Egypt-Japan Business Forum, Prime Minister Moustafa Madbouly expressed sincere appreciation for the Japanese government’s efforts and its keenness to respond to the requirements of the Egyptian government’s reform policy, including Egypt Vision 2030.

The Japan’s direct investment in Egypt increased by almost 52 percent in 2021, with some 87 Japanese companies currently operating in Egypt, while the trade between the two countries over the past five years averaged $1.3 billion.

Japanese investments in Egypt have so far amounted to $3 billion in more than 18 projects under Egypt’s sustainable development goals, the Cabinet statement added.