Cairo – Mubasher: The Egyptian Cabinet has approved a presidential decree to obtain a $168 million syndicated loan from Japan International Cooperation Agency (JICA).
The loan has a 10-year grace period and 1% interest, and will be paid off over 20 years, state-run news agency MENA reported.
As per the loan, the Egyptian education ministry will establish around 200 Japanese schools, according to the news agency.
The ministry had previously signed a $20 million loan agreement with JICA to train teachers.
The anticipated Japanese schools are scheduled to open next September, on which the education ministry will provide the required finance for these schools until it gets the loan, the ministry said.
