Egypt studies launching initiative for financing new hotel establishments: Fathy

Updated 12/18/2024 11:46:00 AM
Egypt studies launching initiative for financing new hotel establishments: Fathy

Arab Finance: The Egyptian government is considering the launch of a new initiative to support the tourism sector, with financings to be directed to new hotel establishments, Alborsa News reported, citing Minister of Tourism and Antiquities Sherif Fathy.

During the British-Egyptian Business Association (BEBA) conference, Fathy highlighted that new details regarding the initiative will be unveiled after discussion with the Central Bank of Egypt (CBE) and the Ministry of Finance.

He elaborated that the growth of incoming tourism relies on several factors, including the number of hotel rooms and economic developments inside and outside Egypt.

The tourism growth expectations for 2024 ranged between 9% and 11%, but declined to 5% due to circumstances surrounding the country, the minister noted.

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