Egypt and Japan signed on Tuesday the exchange of letters for funding a dlrs 396 million project for developing the electricity sector.

Chairman of the Egyptian Electricity Holding Company Gaber Desouqi and Chief Representative of JICA Egypt Office Teruyuki Ito inked the exchange of letters.

International Cooperation Minister Sahar Nasr and Japanese Ambassador in Cairo Takehiro Kagawa attended the inking ceremony.

Under the project, three thermal power stations in north Cairo, el Atf and Sidi Kreir districts will be overhauled, Nasr said.

The project also aims at curbing climate change fallout, contributing to social and economic development and securing the needs of electricity, she added.

She noted that the local input of the project will be estimated at about dlrs 74 million.

The Egyptian-Japanese cooperation portfolio witnessed a momentum in the past few years, she said, expecting joint cooperation to be furthered in the coming period.