Banking, Finance & Takaful

IDB approves Dh832m financing for Sharm Al Sheikh airport

Jeddah-based Islamic Development Bank (IDB) on Tuesday said its board of executive directors has approved $987 million (Dh3.6 billion) funding for various projects in Islamic countries including expansion of Egypt’s Sharm Al Sheikh airport and water supply project for Oman’s capital.

A press statement issued on Tuesday said the bank approved $226.8 million (Dh832 million) to contribute to the development of Sharm El Sheikh International Airport’s Phase I.

The project, according to IDB, will promote economic growth in the region of South Sinai, and through the support of the tourism sector and increase employment opportunities resulting from increased tourism activity, thus contributing to the fight against poverty. This project will increase the airport’s capacity from 7.5 million passengers per year to 18 million passengers per year, also provides 11,000 direct jobs and 29,000 indirect jobs.

IDB also approved $198 million financing for the expansion of Assiut refinery which will meet the growing need for gasoline in the southern provinces of Egypt.

The Jeddah-headquartered bank of Islamic countries cleared $176 million (Dh646 million) financing to contribute to the water supply project for the city of Muscat and nearby areas in a sustainable manner. The project will increase the sustainable water resources by 32 million cubic meters to meet the demand of the population by the year 2035, and also contributes to an increase in crop production, especially fruit and vegetables, fodder.

Other major projects approved by IDB’s board of executive directors include $179 million road link project between the village Olama and the city of Kribi in Cameroon; $100 million to build modern housing in rural Uzbekistan; $50 million financing for the benefit of the African Finance Corporation; $26.7 million to build coastal road south Expressway (Phase 5) between southern Lebanon and the capital Beirut, Lebanon; and a number of other smaller projects.

Source: Emirates 247

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