Senegal has secured up to 300 million euros ($328.20 million) in financing for the development of its main international airport, asset manager Ninety One said on Thursday.

Blaise Diagne International Airport (AIBD), which began operating in 2017, is located outside the capital Dakar and run by a state-owned company.

Ninety One said in a statement that it had partnered with Standard Chartered Bank, which acted as mandated lead arranger and bookrunner, to provide up to 100 million euros of funding, and the airport also raised 200 million euros from a consortium of banks.

The investment will be used to boost annual passenger capacity by 40% to over 5 million and build a cargo terminal, according to the asset manager.

Internal air travel in Africa has long been fragmented due to poor infrastructure and connectivity, and the COVID-19 pandemic hampered tourism and trade even more.

"Investment into critical infrastructure such as AIBD helps facilitate growth beyond tourism and into other sectors, facilitating inter-African trade," Ninety One investment specialist Reabetswe Kungwane said.

The airport handles more than 90% of Senegal's air traffic and aims to become a leading air hub in West Africa by 2035.

($1 = 0.9141 euros) (Reporting by Rachel Savage and Anait Miridzhanian Editing by Bernadette Baum)