Japan International Cooperation Agency (Jica) has signed loans on Egyptian projects worth a total of about ¥54bn ($477m) during Egypt’s President Abdul Fattah al-Sisi’s visit to Tokyo.

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In the electricity sector, Jica is to lend $219m to Egyptian Electricity Holding Company (EEHC) to improve efficiency in transmission and distribution in North Cairo, Alexandria and North Delta. It is also providing $99m of project finance for a 20MW solar project with storage in Hurghada.

Jica is lending $161m to the Civil Aviation Ministry to finance the construction of a second passenger terminal at Borg el-Arab airport in Alexandria.

The soft loans will be repaid over 40 years after a 10-year grace period, at interest rates of 0.1 to 0.3 per cent.

Japan is continuing to finance the construction of a new Grand Egyptian Museum in Giza.

Japanese companies are involved in projects in the country worth a total of ¥2 trillion, according to a statement by Prime Minister Shinzo Abe.

Developer Marubeni is to sign a memorandum of understanding (MoU) to carry out a feasibility study for a 4,000MW $3.5bn coal power plant, according to Japan’s English-language business journal Nikkei Asian Review. Itochu plans to sign an MoU to supply coal for the plant.

Egypt is planning to move ahead with five coal-fired power plants to diversify its energy mix and alleviate electricity shortages.

Mitsubishi Corporation is also expected to sign an MoU for a 1,300MW gas combined-cycle power facility.

Meanwhile, Al-Sisi plans to sign a $115m loan with South Korea to finance an upgrade of the railway signalling system between the Qena and Luxor governorates, according to local press.