Global Arab Network | Japan finances $ 630 million development projects in Egypt

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Japan finances $ 630 million development projects in Egypt

Saturday, 31 July 2010 11:21

Egyptian Minister of International Cooperation Fayza Abul-Naga said that the past three years have seen the signing of 11 agreements to finance Egyptian development projects through Japanese grants and loans worth 62.8 billion Japanese yen (roughly $630 million).

"Egyptian-Japanese cooperation has witnessed remarkable progress during the recent years in light of the special status Japan enjoys in the Egyptian public opinion circles," said Abul-Naga.

She noted that the Peoples' Assembly welcomed Japanese aid that rests on the bases of partnership, solidarity and common benefits without any preconditions involved.

On the other hand, Egypt 's exports to Germany have risen 18% in the period of January-May 2010 compared to the same period in the previous year, a report issued by the Egyptian Trade and Industry Ministry's International Trade Point (EITP) said.

Exports to Germany reached $437 million in the said period against $370 million last year, the report added.

It added that imports from Germany also increased in the same period by 21% than the previous year. They reached $1.710 billion compared to $1.415 billion in 2009, it added. (SIS)

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