Egypt has cancelled a USD140mn loan signed with the African Development Bank (AfDB) to upgrade Sharm El-Sheikh airport, according to the Egyptian international cooperation Minister. Minister Sahar Nasr said the continued decline in tourism for Sharm El-Sheikh has forced the government to reconsider carrying out the airport upgrade project in the current time. Egyptian government is keener to implement other projects with high-priority such as the development of slums and financing youth-led businesses, Nasr added. Egypt has signed earlier in 2015 a USD140mn loan agreement with the AfDB to finance a project to increase Sharm El-Sheikh Airport's capacity, involving USD90mn from the bank and USD50mn from the Africa Growing Together Fund (AGTF). (Amwal Al Ghad)