- Local bank approves loan for Sharm el-Sheikh airport
- Expansion will take capacity to 18m passengers annually
The local African Development Bank Group has approved a $140m loan for the expansion of Egypts Sharm el-Sheikh airport.
The $671m project includes construction of a new terminal, runway and control tower.
Once complete the new airport will provide capacity for 10 million passengers a year, bringing the total capacity to 18 million a year.
The expansion project is expected to take 44 months.
Sharm el-Sheikh airport has been Egypts fastest-growing facility and is Africas third-busiest airport, with an average of 10 per cent annual growth rate in traffic over the past decade, according to government statistics.
The banks contribution to the project represents 21 per cent of the total estimated cost.
The project is co-financed with the Islamic Development Bank and the government.