Egyptian Minister of Planning and International Cooperation Fayza Abul Naga said Japan announced it will give a 36 billion Japanese Yen (U.S. $1.2 million) to finance the fourth subway line at an interest rate of 2.0 percent over 40 years and a grace period of 10 years. She explained the approval for the loan was agreed upon through their participation in the work of the joint meeting of the World Bank and International Monetary Fund in Washington D.C., noting these conditions were very lenient in making it more of a grant than a loan. The minister expressed her happiness and encouraged the Ministry of International Cooperation to achieve this step, noting Egypt needs this project to ease traffic.
