Construction works at the Grand Egyptian Museum project are 70% completed, Invest-Gate reports.

Tarek Tawfik, general director and head supervisor of the museum project, says that the progress of the project is going at steady pace, adding that ongoing meetings are taking place to choose the bodies and the governmental economic bodies that can contribute to the financing of the museum.

He also notes that 4,000 artefacts of Tutankhamun’s 5,000 artefacts collection have been moved there.

According to Tawfik, the total cost of the establishment of the Great Egyptian Museum amount to USD 1 bn. Several parties are involved in financing the project, including the Japan International Cooperation Agency (JICA), which provided a soft fund of USD 760 mn over two tranches: USD 300 mn and USD 460 mn.

The Egyptian government provides the remaining funds of USD 300 mn over three phases. The first part of USD 100 mn was completely disbursed last year, while the two remaining parts are set for the current fiscal year.