Islamic Development Bank (IDB) announced that it approved $230.2m for the second development phase of Sharm Al-Sheikh airport. The IDB has previously allocated $226.8m to the project.
The project seeks to increase the capacity of the airport from 7.5 million passengers a year to 18 million.
“With the new approval, IDB contribution to the project reaches $457m,” the bank said.
The newly approved comes as part of the $814.2m package the bank will provide to “Muslim communities” in countries such as Lebanon, Bangladesh, and Uzbekistan.
The bank stated that the approved financings will be allocated to various sectors such as air transport, power, water, roads and human development in countries that are members of the bank, a total of 56 countries.
The bank will also be providing education and vocational training in Muslim communities in non-member countries.
In February, the bank allocated $220m to finance a thermal power plant in Assiut as a part of a nearly $705m initiative to fund projects focusing on infrastructure, human development and education.
IDB is a multinational bank located in Saudi Arabia, which owns 26.5% of the bank, making it the largest shareholder, while Egypt owns 9.22% of its shares. Libya, Iran, Turkey, United Arab Emirates, Kuwait, Pakistan, Algeria, and Indonesia also own shares in the bank.