The project will be financed by the British government through UK Export Finance and by a commercial bank.
The airport is being built in a rural area of the oil-drilling region near Hoima and Lake Albert in northwestern Uganda. It will support the development of the oil industry in the region. Shikun & Binui said that, to the best of its knowledge, the Ugandan government intends to use the facility as the country's second international airport.
The construction phase project is expected to last for three years. Work will include the paving of 3.5km of runways, earthworks and drainage, installation of electro-mechanical, communications and navigation systems and the erection of a cargo terminal, an air traffic control tower and additional residential and service structures.
Shikun & Binui chairman Moshe Lahmani said: “For the past several years, we have been pursuing the twin goals of expanding our activities in the countries in which we currently do business, while also penetrating into high-potential new markets. Every project like this that we secure is a 'fact on the ground' that demonstrates the success of our efforts.”