Tarek Tawfik, general director and head supervisor of the still under-construction Grand Egyptian Museum, said that there are several meetings underway to choose the bodies and the governmental economic bodies that will contribute to the financing of the museum.

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

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

Regarding the latest developments in the Grand Egyptian Museum project, Tawfik told Daily News Egypt that constructions reached 70% so far, adding that 4,000 artefacts of Tutankhamun’s 5,000 artefacts collection have been moved there.

He added that the rate of construction and movement of antiquities is on track according to the specified timetable, where there is a soft opening expected in 2018.