Japan will provide Egypt with about 12 billion yen in grant-in-aid to help the Middle East nation build a bridge across the Suez Canal as part of its efforts to develop the Sinai Peninsula, government officials said April 15.
The aid provision for the bridge project, which Tokyo hopes will become a symbol of Japan's contributions to peace and economic development in the Middle East, will be formally approved at a regular Cabinet meeting on April 25, the officials said, requesting anonymity. Following the Cabinet's approval, Tokyo and Cairo will exchange notes on Japan's contribution to the project in May, enabling actual construction work to begin as early as this summer, the officials said.
The 12 billion yen in Japanese grant-in-aid will account for 60 percent of the total cost of the project, which is estimated at $160 million -- or about 20 billion yen at the current exchange rate. The remaining 8 billion yen will be shouldered by the Egyptian government.