France to Fund Upgrading of Taba Airport’s Navigation Systems

The Egyptian government has signed today a €7.1 million ($8.6 million) agreement with France’s public treasury to fund the upgrading Taba Airport’s navigation systems.

The agreement has been signed on Sunday between Egyptian Minister of International Cooperation Naglaa El-Ahwani and André Parant, France’s Ambassador in Cairo.

The financing shall be repaid over a period of 20 years with a grace period of 6 years and an annual interest rate of 0.17%.