The board of the African Development Bank (AfDB) has approved a US$140m loan for the expansion of Sharm El-Sheikh International Airport in Egypt. The project includes the construction of a new terminal, runway and control tower within the confines of the existing airport.
The project is to be implemented within 44 months and is expected to provide additional capacity for 10 million passengers per year bringing the airport’s total passenger capacity to 18 million annually.
Sharm El-Sheikh is Africa’s third-busiest airport, with an average 10% annual growth in traffic over the past decade. The airport exceeded its annual passenger capacity in 2010 when it catered for 8.2 million travelers.
AfDB’s contribution represents 21% of the total estimated cost of the US$671m project, which is co-financed with the Islamic Development Bank and the Government of Egypt.