Egypt targets EGP7.4 billion worth of tourism investment by 2022/23 – minister

Egypt is targeting 7.4 billion Egyptian pounds investments in tourism and antiquities in the fiscal year 2022/2023, up from EGP6.2 billion in 2021/22, said the Planning and Development Minister Hala al-Saeed on Sunday.

El-Said expecting the growth will be 19.4 percent in this sector, which considers a main source of hard currency for the country for the current fiscal year that ends in next June, came during her remarks at the ministry’s report.

The sector is able to recover within a short period, El-Said added, citing the sector’s growth achieved in 2021 following the peak of the coronavirus pandemic in 2020.

Noteworthy, the number of tourists jumped from 3.7 million in 2020 to about 8 million in 2021, this generated around $9 billion in 2021’s revenue up from $4.1 billion in 2020, the statement mentioned.