Egyptian Holding Company for Airports and Air Navigation (EHCAAN) is currently holding negotiations with a number of local banks, seeking to obtain funding ranged between EGP 300-500 million, banking sources near from the talks told Amwal Al Ghad on Wednesday. The funding is designated to provide liquidity for EHCAAN's upcoming expansions in Hurghada and Sharm El-Sheikh airports, the sources explained. Banque Misr and National Bank of Egypt (NBE) are likely to provide the funding needed by EHCAAN, the sources added. This comes after the EHCAAN Chairman Magdy Abdel-Hady had revealed the firm's plans to develop Al-Arish Airport, aiming to turn it into an international airport within the upcoming phase that would serve Sinai and the nearby areas. EHCAAN is also targeting the construction of a new runway in Sharm El-Sheikh Airport to meet the increase in air traffic. The new runway is set to receive all types of aircrafts. It is worth mentioning that EHCAAN had obtained US$ 57 loan arranged by Banque Misr and Banque Du Caire, dedicated to finance part of costs set to buy 2 Boeing aircrafts in the light of the firm's plans to upgrade its fleet.
