Egypt eyes billions in tourism investments in FY20/21

The drop in tourism investments is due to the coronavirus crisis which affected tourism worldwide

  
A man with a camel is seen in front of the Great Pyramids of Giza after reopening for tourist visits, following the outbreak of the coronavirus disease (COVID-19), in Cairo, Egypt July 1, 2020.

A man with a camel is seen in front of the Great Pyramids of Giza after reopening for tourist visits, following the outbreak of the coronavirus disease (COVID-19), in Cairo, Egypt July 1, 2020.

REUTERS/Mohamed Abd El Ghany

Cairo – Mubasher: Egypt’s tourism plan for fiscal year 2020/2021 includes investments worth EGP 5.2 billion, down by 28.8% from an expectation of EGP 7.3 billion in FY19/20.

The drop in tourism investments is due to the coronavirus crisis which affected tourism worldwide, the country’s minister of planning and economic development Hala El-Saeed said in a statement on Tuesday.

This decline signals the projected decrease in private investments seen contributing 84% to total investments, compared to 90% a year earlier.

On a side note, the European Bank for Reconstruction and Development (EBRD) and the United Nations World Tourism Organization (UNWTO) agreed to boost the recovery of tourism in a number of countries, including Egypt.

Source: Mubasher

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