Egypt Independent

World Bank funds to Sharm al-Sheikh reach LE4.2 bn



Civil Aviation Ministry announced that contributions from the World Bank for projects to develop the airports of Sharm al-Sheikh and Borg Al-Arab has reached about LE4.2 billion.
 
World Bank officials are currently visiting Egypt to follow up on the projects financed by the Bank, said Aviation Minister Abdel Aziz Fadel on Monday. He will meet with them to view future projects to be financed by the bank according to the plan.
 
The minister added that International Foundation "has expressed their readiness to provide financing offers, due to its confidence in the capacity of the ministry."
 
"One of the projects, which the World Bank has expressed great interest in, is the project to build a new passenger terminal at Sharm al-Sheikh airport with an investment of LE3 billion and a capacity of 10 million passengers annually."
 
The other project to build a new passenger terminal in Borg Al-Arab airport requires LE1.2 billion in investments, with a capacity of 4 million passengers annually. Additionally, the satellite system project under works requires an investment of LE6 billion.
 
Aviation Minister meets on Tuesday with the World Bank delegation currently visiting Cairo, headed by Oliver Lopez, senior air transport specialist at the bank, accompanied by seven members representing other specialties at the bank, such as the environment, Airport Engineering and Information Technology, in addition to Financial and legal members.
 
The visit comes within the annual periodic scheduled visits to projects financed by the World Bank. The delegation visited the Terminal 2 project at Cairo airport, which is also funded by the bank with an investment of LE2.9 billion, in order to determine the progress of work and commitment to the implementation plan.
 
 
Edited translation from Al-Masry Al-Youm