The Egyptian Ministry of International Cooperation’s funding portfolio from development partners for local civil aviation sector projects currently stands at almost USD 225.7 mn (EGP 3.54 bn), Invest-Gate reports.

The news came on the sidelines of a high-level meeting between Minister of International Cooperation Rania Al-Mashat and Minister of Civil Aviation Mohammad Enaba, where both parties discussed possible cooperation with multilateral and bilateral development partners for financing industry-related projects, according to a recent official statement.

This collaboration would see the establishment of an investment zone in the vicinity of Cairo International Airport (CAI), east Cairo, as part of the ministry’s plan to develop Egypt-based civil aviation facilities, the statement noted.

The plan, which is already approved by the Egyptian government, will see the advancement of this crucial sector, which will, as a ripple effect, make way for additional joint ventures with international partners through the Ministry of International Cooperation.

On her part, Al-Mashat reiterated the civil aviation industry’s key role to support and develop the national economy, referring to the ministry’s mandate for coordination between the aviation ministry and all investors to provide the required financing for such projects, in line with the state’s Sustainable Development Strategy (SDS): Egypt Vision 2030.