Egypt plans to develop Hurghada airport with $300mln in Chinese funding

Egypt plans to deal with Chinese State Construction Engineering Corporation (CSCEC) to develop Hurghada International Airport and establish a new eco-friendly passenger terminal with an initial cost of up to $300 million.

The new eco-friendly building will be expected to hold a capacity of seven million passengers annually, according to according to two sources familiar with the matter told Asharq Bloomberg on Monday.

CSCEC will provide the finance through Chinese banks, with the commitment of the Egyptian government to lay down full repayment guarantees to Chinese lending banks, the sources added.

The number of flights in Egypt increased by about 29 percent during the first six months of 2023, totalling 191,000 flights, compared to 148,000 flights in the same period of 2022.