France loans Egypt €7.15m to develop Taba International Airport
Minister of International Cooperation Naglaa Al-Ahwany signed Sunday a €7.15m agreement with the French Ambassador to Egypt Andre Baran to fund replacing navigation systems at Taba International Airport.
The signing of the agreement was attended by Minister of Civil Aviation Hossam Kamal and Chairman of the Egyptian Holding Company for Airports and Air Navigation Ehab Azmy.
The €7.15m is a loan from the French treasury, and is scheduled to be repaid in 20 years, with a six year grace period and 0.17% interest.