World Bank Keen on Funding Egypt’s Future Aviation Projects – Minister

By Yomna Yasser On Dec 18, 2013

The World Bank has expressed its readiness to provide finances for Egypt’s future aviation projects, Eng. Abdel Aziz Fadel – the Egyptian Minister of Civil Aviation – said on Wednesday.

This comes as the Egyptian minister has recently met with a delegation from the World Bank (WB) headed by Olivier Le Ber – Lead Air Transport Specialist at the WB, accompanied by seven members representing other specialties at the bank, such as the environment, Airport Engineering and Information Technology, in addition to Financial and legal members.

“One of the projects, which the World Bank has expressed great interest in, is the project to build a new passenger terminal at Sharm El-Sheikh Airport with investments amounted to EGP 3 billion and a capacity of 10 million passengers annually.” The Egyptian minister said

The other project is to build a new passenger terminal in Borg Al-Arab Airport with investments worth EGP 1.2 billion and a capacity of 4 million passengers annually.

Additionally, the World Bank has also expressed great interest in funding the Satellite System Project in which investments are valued at EGP 6 billion; alongside the project to build 3 new aircraft hangars to maintain EgyptAir’s aircrafts.

The delegation has visited the Terminal 2 project at Cairo Airport, which is also funded by the WB with investments in the amount of EGP 2.9 billion, in order to determine the progress of work and commitment to the implementation plan.

The World Bank delegation has also showed the bank’s vision for modernization of EgyptAir’s fleets, as it is planned to be up to 127 aircrafts by 2025 including the replacement of large amounts of the existing models with newest ones.

Meetings with the World Bank delegation have been also attended by Dr. Ashraf Zaki – Chairman of the Egyptian Holding Company for Airports and Air Navigation – Dr. Mahmoud Esmaat – Chairman of Cairo Airport Company; and Eng. Samy Turk – the Chairman and CEO of NAVISAT Middle East & Africa.