The Emirates NBD – Egypt is arranging an EGP 711 million ($101.1 million) loan for the Cairo International Airport upgrading project, the bank said in a statement on Wednesday.
The bank added that it would contribute with 30% of the total planned loan in which other banks are participating. The project is at estimated cost of EGP 3 billion.
In this respect, Managing Director Giel-Jan Van der Tol said the loan will help boost tourism, which represents an important part of the Egyptian national economy.
“We diversify our investment portfolio to cover various sectors,” he said, expressing confidence in Egyptian economy’s ability to achieve high growth rates in the next few years.