Egyptian Government agrees to defer Tourism Sector’s Debts

According to reports from local news website, Egypttoday.com, Egyptian Tourism Minister, Yehia Rashed hinted on Wednesday that the government has agreed on a deferral of debts owed by the tourism sector in the governorates of South Sinai, Luxor and Aswan.

He said that the government will give tourism projects, which have not yet been implemented, a grace period of three years. 

This comes as part of greater efforts to revive Egypt’s tourism industry battered by years of unrest.

It can be recalled that in 2013, Egyptian President,  Mohamed Morsi was removed from power by the Egyptian army leading to a period of political unrest.

Tourism has been picking up recently; especially that Egypt has now become a cheaper destination for many tourists around the world after floating the local currency. 

Tourism revenues jumped 211.8 per cent year-on-year to $5.3 billion in the first nine months of 2017, compared to $1.7 billion the year before.