Egypt receives $671m for Sharm El-Sheikh Airport Development

16 April 2015 (Last Updated April 16th, 2015 18:30)

Egypt's Sharm El-Sheikh Development project in Abidjan, Côte d'Ivoire, will receive a $140m loan from the African Development Bank Group.

Egypt's Sharm El-Sheikh Development project in Abidjan, Côte d'Ivoire, will receive a $140m loan from the African Development Bank Group.

The expansion project, with a total estimated value of $671m, includes construction of a new terminal, runway and control tower within the confines of Sharm El-Sheikh Airport, and will also receive a $1.90m Middle Income Countries Technical Assistance Fund Grant.

To be implemented within 44 months, the project is expected to provide additional capacity for ten million passengers a year, bringing the total number to 18 million a year.

"The total number of passengers using the airport reached 8.2 million, said to be above its design capacity."

Following this, the operations capacity will increase to 68 people an hour.

The project would benefit Egypt's economy, Egyptian Airports Company (EAC), private sector enterprises in the tourism, aviation and services industries.

Claimed to be Egypt's fastest-growing facility and Africa's third-busiest airport, Sharm El-Sheikh Airport has had an average of 10% annual growth rate in traffic over the past decade.

In 2010, the total number of passengers using the airport reached 8.2 million, said to be above its design capacity.

The latest contribution to the project by the African Development Bank Group represents 21% of the total estimated cost.

The Islamic Development Bank and the Government of Egypt have co-financed the Sharm El-Sheikh Development project.