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