CAIRO – 19 February 2024: The cabinet finalizes preparations for a new initiative valued at LE 50 billion aimed at bolstering the tourism sector and financing investments in hotel rooms, Deputy Minister of Tourism and Antiquities for Tourism, Ghada Shalaby, stated during an interview with Ashraq Bloomberg.
She further stated that the details regarding the mechanisms and conditions of the initiative will be announced soon.
The initiative is part of the Egyptian government's strategy to increase annual tourist numbers by 25 to 30 percent with a target set for 2028.
Shalaby revealed that the government has been successful in launching approximately 15,000 new hotel rooms in 2023.
Secretary of the Cultural Tourism Investors Fund, Ihab Abdelaal, shared additional information about the initiative. He disclosed that the initiative may involve covering 40 percent of the installments due on hotels benefiting from it in US dollars.
Abdelaal also anticipated that Egyptian hotels, which account for 75 percent of the market share, will be the primary beneficiaries of this initiative.
The Cabinet had previously approved this Initiative in December 2023 to provide support to the tourism sector by either establishing or operating new hotel rooms or acquiring already closed ones.
In January, the Minister of Tourism and Antiquities, Ahmed Issa, affirmed the remarkable achievements of Egypt's tourism sector in 2023, with a total of 14.906 million tourists visiting the country.
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