Egypt cancels USD140mn loan to upgrade airport project

30 Jun 2016

(MENAFN) Egypt has cancelled an USD140mn loan signed with the African Development Bank (AFDB) to upgrade Sharm El-Sheikh airport.

However, the continued drop in tourism for Sharm El-Sheikh obliged the government to reconsider carrying out the airport upgrade project.

The government is focusing on implementing other projects with high-priority, like the development of slums and financing youth-led businesses.

In addition, Egypt signed an USD140mn loan deal last year with the AFDB to finance a project to increase Sharm El-Sheikh Airport’s capacity.

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