Islamic Development Bank (IBD) is allocating a loan worth $450 million to finance the development of Sharm el-Sheikh international airport, Egyptian minister of international cooperation Naglaa El-Ahwany.
During a press conference on Saturday, El-Ahwany noted that Egyptian government agreed with the IBD over a $225 million loan within the current year to fund the airport project. The remaining $225 million financing will be obtained with the second half of 2015, she added.
The new terminal will increase the airport’s capacity to 18 million passengers per year, to become the third biggest airport after Johannesburg and Cairo international airports.
The Islamic Development Bank is an international financial institution that funds development projects in Muslim countries and communities in accordance with Islamic law.