Egypt and Japan have signed a financing agreement for the completion of the Grand Egyptian Museum in Cairo.

According to a statement from Egypt’s Ministry of International Cooperation, an agreement with the Japan International Cooperation Agency (JICA) for a $460m loan has been signed in Cairo on 25 October.

The statement added that the JICA loan will be paid over 25 years with a 1.4 per cent interest rate.

The $900m renovation work on the museum, which is being carried out by the Ministry of State for Antiquities, is 50 per cent complete, the ministry said.

The main contract was awarded in 2011 to a joint venture made up of the local Orascom Construction and the Belgian contractor Besix. Work was expected to be completed this year but following delays caused by years of unrest in the aftermath of the 2011 uprisings, the authorities are hoping for the project to be completed next year.

The project was initially funded by the Egyptian government and a $300m loan from JICA, which was issued in 2011.

The project manager is a joint venture of the US’ Hill International and the local EHAF Consulting Engineers.

Once complete, the museum’s renovations will see the addition of a library, a research centre, restoration laboratories, a museum for children, a public square with shops, cafes and restaurants, and an open air museum and as well as additional parking facilities.

The Grand Egyptian Museum will be located near the pyramids in the Giza area.