Japan has signed Wednesday a soft loan deal worth EGP 1.2 billion (US$167.7 million) to build a new passenger terminal in Borg Al-Arab Airport.
On behalf of the Japanese government, the Japan International Cooperation Agency (JICA) signed Wednesday a financing memorandum with Egyptian Airports Company (EAC), in the presence of the Egyptian minister of Civil Aviation Hossam Kamal.
The new passenger terminal in Borg Al-Arab Airport is at total cost of EGP 1.2 billion and a capacity of 4.5 million passengers annually.
JICA’s soft loan is with a grace period of ten years and a repayment period of 40 years, at an interest rate of 0.1%.
After signing the financing memorandum, the project is expected to be ready within 36 months.
The signing ceremony was also attended by Mahmoud Esmat – Chairman of the Egyptian Holding Company for Airports and Air Navigation (EHCAAN); Adel El Mahgoub – Chairman of Egyptian Airports Company (EAC), and a number of officials in the Egyptian Ministry of Civil Aviation.
Solar energy will be used in the new terminal as part of plans to make Borg Al-Arab the first environmentally-friendly airport in Egypt.
Over an 36.000m2 area, the structure of the new terminal includes 40 check-in counters, 16 customs counters, 20 airplane parking spots, 5 departure halls, and 4 arrival halls. Accordingly, Borg Al-Arab Airport’s total annual capacity will be more than 5.7 million passengers.