President Abdel Fattah El Sisi issued a decree approving a Japanese loan offered to the Egyptian government to fund the expansion of Borg El Arab International Airport.

The 18.2-billion-yen loan, offered by the Japan International Cooperation Agency, will be repaid by the Egyptian government over 30 years with an annual rate of 0.1 percent and a ten-year grace period.

The loan deal was approved by the House of Representatives November 15, 2016.

The decree was published in the Gazette out Thursday