CAIRO - 3 May 2023: Egypt's revenues from tourism jumped by 25.7 percent during the second half of 2022, to record $7.3 billion, according to the Central Bank of Egypt (CBE), Wednesday.
The CBE attributed the hike in tourism revenues to the increase in the number of tourist nights by 27.2 percent on an annual basis, to record about 78.4 million nights, and the increase in the number of tourists coming to Egypt by 27.5 percent, to reach about 6.8 million tourists.
The government had announced a few days ago that the tourism sector would be included in the initiative to support the productive sectors, which currently includes the industrial and agricultural sectors, and allocated LE 10 billion for it, bringing the total financing made available through the initiative to LE 160 billion, which helps it increase the volume of its business and expand its business. work and production.
The initiative stipulates that the government supports interest on financing, so that loans are within the initiative at an interest rate of 11 percent, and the public treasury bears the difference. The initiative aims to finance working capital for productive sectors, at a value of LE 150 billion, with LE 140 billion for working capital and LE 10 billion for tools.
Standard & Poor's expects the sector to recover fully during the current year, although the decrease in the number of tourists from Russia and Ukraine is offset by the increase in tourists from Germany, England, America and Saudi Arabia.