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FINANCIAL NEWS
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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