Egypt’s Minister of Planning and Economic Development and International Cooperation, Rania Al-Mashat, signed three new agreements with Japan’s State Minister for Foreign Affairs, Fuji Hisaoyuki. The signing took place during her visit to Japan, marking 70 years of development cooperation between the two nations.

The agreements include a concessional development loan worth $230 million to support Egypt's budget, along with grants totaling $4.3 million for the renovation of the Cairo Opera House and the expansion of agricultural mechanization. These initiatives are part of a shared effort to bolster sustainable development, improve public services, and enhance the livelihood of small-scale farmers in Egypt.

The $230 million development loan, equivalent to 35 billion Japanese yen, is aimed at supporting Egypt’s fiscal policies and advancing structural reforms. The loan will assist in creating a more conducive environment for private sector investments, fostering competition, diversifying the economy, and promoting green transformation initiatives.

Al-Mashat emphasized that concessional financing is among the most efficient and cost-effective mechanisms to bridge funding gaps, enabling Egypt to meet its developmental needs while addressing global and regional economic pressures.

“The agreement with Japan is part of a comprehensive framework for negotiating with international partners to expand fiscal space. It reflects the importance of structural reforms in enhancing the private sector's role and improving Egypt’s business climate,” she said.

The first grant, valued at $1.17 million, equivalent to 180 million Japanese yen, is dedicated to renovating the Cairo Opera House. This initiative, in collaboration with Japan’s International Cooperation Agency (JICA) and Egypt’s Ministry of Culture, aims to upgrade the infrastructure and enhance the quality of services at Egypt’s National Cultural Center.

The second grant, worth $2.3 million, equivalent to 500 million Japanese yen, will support the expansion of affordable agricultural mechanization technologies. This effort aims to increase agricultural productivity, reduce operational costs, and improve the living standards of low-income farmers.

Al-Mashat described the agreements as a pivotal moment in the history of Egyptian-Japanese relations, highlighting that cooperation between the two countries has spanned more than seven decades since its inception in 1954. Over the years, Japan has provided Egypt with approximately $2.4 billion in grants and technical assistance, alongside $7.2 billion in development loans.

She expressed her gratitude to the Japanese government, JICA, and all stakeholders for their dedication to advancing this partnership. Looking ahead, Al-Mashat announced plans to unveil a new Egypt-Japan Cooperation Strategy that aligns Japanese development financing with Egypt’s Vision 2030 and the government’s 2024-2027 action program.