IFC + Egypt announces list of airports set for private investment

IFC + Egypt announces list of airports set for private investment: Egypt and the International Finance Corporation (IFC) signed an advisory agreement that unveiled the list of 11 Egyptian airports slated for development through public-private partnerships (PPP), according to a statement. The agreement — which does not include Cairo International Airport — will see the pair kick off the program by offering the Hurghada International Airport as a pilot project.

Here’s the lineup:

Hurghada International Airport
Sphinx International Airport
Sharm El Sheikh International Airport
Borg El Arab International Airport
Luxor International Airport
Aswan International Airport
Sohag International Airport
Assiut Airport
Abu Simbel Airport
El Alamein International Airport
Marsa Matruh Airport

What’s next? The IFC is set to help the government launch a tender to select a strategic private partner for maintaining, operating, and upgrading the Hurghada International Airport. The Egyptian Holding Company for Airports and Air Navigation will retain ownership of the airport — the nation's second-busiest by passenger volume and air traffic.

We knew this was coming: In January, Egyptian Civil Aviation Minister Sameh El Hefny said that the plans would see the country initially offer the management of 11 airports to the private sector, and that Cairo International Airport would not be amongst this list, despite earlier speculations to the contrary.

Several global and regional players are interested: Unnamed Kuwaiti firms and the French concessions and construction company Vinci were both reported this month to have expressed interest. Earlier in December, Egypt’s Hassan Allam Holding and France’s Groupe Aéroports de Paris submitted a joint proposal to manage and operate Egyptian airports, and the China Communications Construction Company (CCCC) also said it was interested.