African Development Bank pledges US$140m for development of Sharm el-Sheikh Airport

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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.

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Helen has worked for UKi Media & Events for nearly a decade. She joined the company as assistant editor on Passenger Terminal World and since progressed to become editor of five publications, covering everything from aviation, logistics and e-commerce to meteorology. She has a love for travel and property and has redeveloped three houses in three years. When she’s not editing magazines, she’s running around after her two boys and their partner in crime, Pete the pug.

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