The African Development Bank (AfDB) will contribute up to US$140m to help develop and upgrade Sharm el-Sheikh International Airport in Egypt. The project will also include irrigation, wastewater and agriculture projects.
According to news site Amwal Al Ghad, Aly Abou-Sabaa, vice president for AfDB, said that finances for the airport project would range between US$120-140m. The banking official also said that the cooperation portfolio between the Egyptian Government and AfDB amounts to US$500m to date. As well as airport projects, the cooperation portfolio also encompasses studies on extending social support to the most impoverished classes in the country.
AfDB is expected to release its financing for Sharm el-Sheikh airport before the end of next June. Egypt was one of the first countries to agree on the establishment of the bank, and joined its membership in 1964.
To read more from the report by Amwal Al Ghad click here.