Egypt’s tourism investments expected to drop to EGP 5.2 bln in FY2020/2021: Planning minister

  • Date: 07-Jul-2020
  • Source: Ahram
  • Sector:Tourism
  • Country:Egypt
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Egypt’s tourism investments expected to drop to EGP 5.2 bln in FY2020/2021: Planning minister

Egypt's tourism sector investments are expected to decline to EGP 5.2 billion in FY2020/2021, down from EGP 7.3 billion in FY2019/2020, a decrease rate of 28.8 percent, Minister of Planning and Economic Development Hala El-Saeed said on Tuesday.

El-Saeed explained that this decline reflects the contraction that private investments in the sector will witness, which constitutes around 84 percent of total investments in the sector in FY2020/2021.

She added that the tourism sector is key in generating hard currency for Egypt and it contributes effectively to providing direct and indirect job opportunities.

"The COVID-19 crisis has hit the sector severely. Thus, the government has adopted a number of procedures to support the sector and its workforce amid the crisis, in addition to the initiatives that the Central Bank of Egypt has launched for the same purpose,“ El-Saeed explained.

In April, Minister El-Saeed said that tourism revenues in FY2019/2020 are expected to reach about $11 billion instead of the $16 billion expected before the outbreak of the COVID-19.

Starting 1 July, Egypt has been gearing up to welcome back international tourists.

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