Egypt Independent

Aviation Ministry borrows US$318 mln to renovate Sharm el-Sheikh Airport

Civil Aviation Minister Hussein Massoud has said that the African Development Bank approved a loan of US$318 million to the ministry in order to finance the construction of Sharm el-Sheikh Airport’s new terminal, Terminal 3.

During an inspection of the airport on Thursday, the minister said the total cost of the project amounts to $500 million.

“Egyptian banks would finance the rest,” he said, adding that the project would be completed in 2015, raising the airport's capacity from 8 million to 18 million passengers annually.

The minister also met with the airport staff during his visit to discuss their issues.