CAIRO: The People’s Assembly’s industry and energy committee approved new plans between Japan and Egypt to develop wind energy projects in Egypt.
Moustafa Mohamed Moustafa, member in the industry and energy committee, told Daily News Egypt that Japan will grant Egypt LE 12 million to allocate in wind energy projects.
“This amount will be paid back over 20 years with 0.6 percent interest rate, Moustafa said.
“It is more of a grant than a loan, since the deadline is so far away and the interest rate is really low, he added.
According to Moustafa, the new deal is a clear indication on the importance of wind energy in Egypt.
This is the second major agreement between Japan and Egypt; earlier this month Japan granted Egypt 470 million Japanese yen, (around LE 28 million) in aid under the Grant Assistance for Underprivileged Farmers program.
