AfDB secures US$140 million for Sharm el-Sheikh Airport

The African Development Bank (AfDB) will contribute to a project to develop Sharm el-Sheikh International Airport, vice president Aly Abou-Sabaa announced.

According to Abou-Sabaa, AfDB’s finances for the airport project will range between US$120-140 million.

The banking official further told Amwal Al Ghad that the cooperation portfolio between the Egyptian government and AfDB amounts to US$500 million, including Sharm el-Sheikh airport upgrade as well as irrigation, wastewater, and agriculture projects.  In addition, the cooperation portfolio also encompasses studies on extending social support to the most impoverished classes in the country.

AfDB is expected to disburse its financing for Sharm el-Sheikh airport before end of next June, Abou-Sabaa elaborated.

Egypt was one of first countries to agree on the establishment of the bank, and joined its membership in 1964. It is considered the second biggest contributor in bank’s capital among regional member countries, which enabled it to participate effectively in making its decisions and policies.