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Egypt : ISDB funds expansion of EGYPT's SHARM AL SHEIKH airport

August 27, 2014

Saudi Arabia'sIslamic Development Bank (IsDB) will offer $987 million (Dh3.6 billion) in funding for a range of projects in Islamic countries including expansion of Egypt'sSharm Al Sheikh airport.

The Shariah-based financial institution has announced on Tuesday that its board of executive directors has approved the funding.

In a press statement released on Tuesday, the bank said it has sanctioned $226.8 million (Dh832 million) to help in the development of Sharm El Sheikh International Airport's first phase.

IsDB said the project will promote economic development in the region of South Sinai, and through the support of the tourism industry and boost work opportunities resulting from enhanced tourism activity, thus contributing to the fight against poverty.

With this project will the airport's capacity will rise from 7.5 million passengers per year to 18 million passengers per year.

It also creates 11,000 direct jobs and 29,000 indirect jobs.

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Source: TendersInfo (India)

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