Japan pledges $17.7 billion in business projects with Egypt

Japan’s Prime Minister Shinzo Abe announced Monday his country’s economic assistance for Egypt, including a ¥2 trillion ($17.7 billion) business project with Japanese companies, The Japan Times reported.

The promise came during Egyptian President Abdel Fattah al-Sisi’s first state visit to Japan.

During a news conference, Abe reiterated his country’s support for Egypt’s democratic process.

The two countries will also launch an education partnership, under which Japan will receive 2,500 Egyptian students during the next five years.

“Egypt is the keystone in stabilizing the Middle East. We highly value the president’s efforts for democratizing the country through a road map,” Abe said at the joint news conference.

Sisi said the bilateral relationship would benefit if the education level in Egypt improves. Interested in the Japanese educational system, he is scheduled to visit an elementary school before he leaves Japan on Wednesday.

Since the Arab Spring five years ago, Egypt has gone through both economic and social turmoil. Sisi said during a recent speech to Egypt’s parliament that the democratic transition is complete.

To promote stability and security in the Middle East, Japan and Egypt agreed to cooperate in the fight against terrorists and extremists such as the Islamic State group. The two nonpermanent members of the U.N. Security Council also said that they would work together on global issues such as a resolution against North Korea’s recent nuclear test and launch of a de facto long-range missile.