Egypt to Launch a Tourism Development Fund Tomorrow

Egypt will announce the launch of its tourism development fund tomorrow, the ministry of tourism said in a statement on Tuesday.

The new fund, worth $1 billion, will be officially launched in a press conference by the Egyptian Ministry of Tourism tomorrow, Wednesday, June 4th, 2014. The Egyptian government will launch the fund in a bid to revive the country’s ailing tourism industry.

The tourism development fund would assist existing projects that have been managed successfully but which are struggling financially. It will also provide assistance to projects that are feasible, but which have been halted or totally abandoned due to insufficient funding.

Cairo Financial Holding (CFH) is managing the fund.

In previous statement, Karim Helal, a financial advisor to the Egyptian Federation of Tourist Chambers (EFTC) revealed that the ministry aims to contribute EGP 100 million (around $14 million) to the fund to encourage Gulf and foreign investors who had expressed interest.