Egypt’s travel and tourism sector rebounded last year, making it the second-fastest growing in North Africa after Ethiopia, accelerating at 16.5 per cent, ahead of the global average of 3.9 per cent, according to World Travel & Tourism Council (WTTC).
“Yes. It’s going to be strong,” Ms Mashat said when asked if the sector’s pace of growth would be on par with last year. She declined to provide specific projections, however.
The 2011 uprising and resulting political turmoil impacted the country, causing the economy to contract. The instability dented tourism, led to capital flight and a depreciation in the value of the Egyptian pound. However, with the help of the International Monetary Fund, the country’s economy rebounded expanding at about 5.5. per cent last year and is projected to grow 6 per cent this year.
Tourism revenue grew 40 per cent year on year in 2018, accounting for 20 per cent of gross domestic product. The tourism industry is the second-largest foreign exchange earner for the country and it sustains 2.5 million Egyptian jobs.
The government is working on rolling out with the private sector a private equity fund that will facilitate investment into the tourism industry and also overhaul its hotels or help build new ones, Ms Mashat said.
The government is also in the process of opening or constructing new airports at key destinations within the country.