Egypt's revenues from tourism rose to $7.3 billion during the second half of 2022, marking an increase of 25.7%, according to the Central Bank of Egypt (CBE), Wednesday. 

 

The hike in tourism revenues came from the increase in the number of tourist nights by 27.2% 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%, to reach about 6.8 million tourists, according to the CBE.

 

Previously, the government had announced including the tourism sector in the initiative to support the productive sectors, which currently includes the industrial and agricultural sectors, and allocated EGP 10 billion for it, bringing the total financing made available through the initiative to EGP 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%, and the public treasury bears the difference. The initiative aims to finance working capital for productive sectors, at a value of EGP 150 billion, with EGP 140 billion for working capital and EGP 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.