Egypt expects $425 million from Islamic Development Bank, for refinery, airport

Egypt said on Sunday it expected to receive around $425 million in funding from the Islamic Development Bank to develop an oil refinery in Assiut and an airport in the Red Sea resort of Sharm el-Sheikh. The first agreement is for $198 million earmarked for the refinery, a finance ministry statement said.

A further $226.8 million (not $8.23 million) will go towards the first phase of the Sharm el-Sheikh airport project, it said. Egypt has requested a further $223.2 million for the second phase of the project.

The Islamic Development Bank is an international financial institution that funds development projects in Muslim countries and communities in accordance with Islamic law.

Egypt's economy has been in turmoil since the 2011 uprising that ousted Hosni Mubarak. The government is navigating a difficult course as it seeks to cut its deficit, while reviving flagging growth and encouraging investors and tourists spooked by the political upheaval.