Egypt targets EGP 7.4 billion in investments in the tourism sector in FY 2022/23: Minister of Planning

Minister of Planning and Economic Development, Dr. Hala El-Said said that Egypt targets tourism investments of about EGP 7.4 billion in the fiscal year 2022/2023, compared to EGP 6.2 billion in 2021/22, a growth of 19.4 percent.El-Said made the remarks in a report issued by the Ministry of Planning and Economic Development on Egypt's plan for investments in the tourism and antiquities sector – the main source of foreign currency for the country – for the current fiscal year, which ends in June next year.The report stressed that tourism is a dynamic and flexible sector that can recover within a few months. This is cited by the minister. The report cites the sector's growth in 2021, following the peak of the Coronavirus pandemic in 2020.The report added that the number of tourists jumped from 3.7 million in 2020 to about 8 million in 2021. In addition, the number of overnight stays at tourist accommodations increased from 43 million nights in 2020 to 93.8 million in the following year.This generated around $9 billion in revenue in 2021, up from $4.1 billion in 2020, the ministry’s report stated.Egypt has been exerting efforts to help the sector recover from the Coronavirus pandemic and the war between Ukraine and Russia. These two countries have been the main exporters of tourists to Egypt in recent years.To encourage tourism, Egypt announced earlier this month that holders of the Hayya Card would be able to enter Egypt without a visa during the FIFA World Cup in Qatar.Egypt plans to stimulate inbound tourism and increase foreign tourist arrivals by 25 to 30 percent annually, Tourism Minister Ahmed Issa said in September.