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Thursday, 22 October 2020

Cairo Airport wants to double loan for Terminal 1 renovation

Cairo Airport wants to double loan for Terminal 1 renovation: The Cairo Airport Company has almost doubled the value of a loan it is seeking to fund the renovation of Terminal 1, a project which is part of USD 200 mn plan to overhaul the airport’s three terminals, Al Mal reports, citing sources close to the negotiations. The company is now looking to borrow EGP 2.2 bn from a syndicate of three banks that reportedly includes the National Bank of Egypt and Banque Misr, up from the EGP 1.2 bn that was reported earlier this year. The company expects to wrap up the facility within the next month.

Big things are happening at the airport: The plan would see the airport’s first and second terminals merged into a single building containing separate local and international departure halls. Terminal 3 would be revamped as an arrival hall and merged with the airport’s mall. An unnamed French company has reportedly been selected by the government to develop the Terminal 1 building, while the Cairo Airport Company issued in March a EGP 1 bn tender for local companies to renovate Terminal 2.

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