Egyptian President Abdel Fattah el Sisi and Japanese Prime Minister Shinzo Abe attended on Monday the signing ceremony of three agreements in the fields of electricity, energy and civil aviation on the sidelines of the president's visit to Japan.

The agreements, which were signed by Egyptian Minister of International Cooperation Sahar Nasr and officials of the Japan International Cooperation Agency (JICA) are valued at 500 million dollars with an interest ranging between 0.1 percent and 0.3 percent.

According to the agreements, the money will be refunded over a 40-year period with a 10-year grace period.

Minister Nasr said the first agreement tackles a project to rationalize the use of electricity.

The second agreement deals with the establishment of a power plant using photo-voltaic cells while the third agreement deals with modernizing Borg el Arab airport in Alexandria to accommodate 4 million passengers per year.

Source: MENA