Egyptian Prime Minister Mostafa Madbouly revealed that the government has allocated EGP 10 billion ($ 320 million) to support the tourism sector, bringing the total funding made available through the initiative to EGP 160 billion ($ 5.17 billion) for the targeted productive sectors, during the fiscal year 2023-2024, which begins next July.
The tourism sector contributes up to 15 percent of Egypt's GDP and is a major source of foreign exchange. Egypt aims to increase revenues from its tourism sector from the current average of $ 11 billion annually to $ 30 billion annually over the next three years, amid expectations that tourism revenues will rise 20 percent this year, to $ 13.6 billion. Fitch Solutions expects 11.6 million tourists to visit Egypt, up 46 percent from last year.
Source (Asharq Al-Awsat Newspaper, Edited)
