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Egypt supports tourism sector with EGP 50B

Egypt supports tourism sector with EGP 50B

Arab Finance: The Egyptian government has supported the tourism sector with EGP 50 billion to finance the renovation of hotels and their working capital and salaries, according to a report by the Egyptian Cabinet Information and Decision Support Center.

The sector has been financed with this amount under the Central Bank of Egypt’s (CBE) initiative to face the repercussions of the Covid-19 pandemic.

The report mentioned that Egypt claimed the 65th spot among 134 countries in the world’s top safest countries index for 2022, jumping 35 positions as compared to 2019.

The country also was ranked the 12th in the Global Muslim (Islamic) Travel Index for 2022 among 138 countries.

Moreover, Egypt topped Africa in terms of hotels projects in 2022, with a 25% share of total hotels development plans in the continent.

Cairo’s hotels occupancy rate grew by 106% year-on-year (YoY) in the first quarter (Q1) of 2022, while hotel occupancy rates in Sharm El-Sheikh and Hurghada recorded 46% and 84%, respectively.

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