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Egyptian tourism revenues increase by 4.7% in 2024

Egypt regularly monitors the number of incoming tourists from key markets to ensure that the target is being met

During the first half of 2024, Egypt’s tourism revenues increased by 4.7% compared to the previous year, reaching $6.6 billion, according to a report from the Ministry of Tourism.

This marks a 17.8% rise compared to the same period in 2010. The growth is primarily due to an increase in inbound airline seats and hotel rooms, which contribute to better accommodating travellers and enhancing the overall visitor experience.

These developments align with Egypt’s National Strategy for Sustainable Tourism 2030, which aims to attract 30 million visitors by 2028.

The goal is to increase the number of incoming tourists to Egyptian destinations by 25% to 30% annually, as part of Egypt’s Vision 2030.

Egypt regularly monitors the number of incoming tourists from key markets to ensure that the target is being met.

A recent report shows that the number of travellers arriving in Egypt in the first half of the year was 7.07 million, almost the same as the record set in the same period in 2023, which was 7.06 million.

Compared to 2010, the number of travellers arriving in Egypt in the first six months of 2024 has significantly increased, surpassing the 6.9 million tourists recorded in the peak year of 2010.

Meanwhile, The World Bank has approved $700 million in financing to support Egypt’s private sector, economic resilience, and green growth.

The Development Policy Financing operation is designed to help Egypt address short-term economic challenges while advancing structural reforms to spur private sector growth.

It also aims to hasten Egypt’s green transition, including scaling up renewable energy and increasing efficiency in the electricity, water, and sanitation sectors.

Egypt’s minister of international cooperation, Rania Al-Mashat, said, “The government of Egypt is undertaking ambitious economic and structural reforms aimed at creating a more competitive, green and private sector-led economy. Through this budget support instrument, the DPF with the World Bank helps advance policy reforms on three of its top national priorities: Building macro-fiscal resilience, enhancing economic competitiveness and improving the business environment, and supporting the green transition. Our longstanding partnership with the World Bank underpins the realisation of Egypt’s development and reform efforts.”

The DPF is the first in a series of three operations. It will advance key reforms, including strengthening governance for state-owned enterprises, empowering the Egyptian Competition Authority, ensuring accuracy in payroll taxes, scaling up renewable energy, and launching a voluntary carbon credit market regulatory framework.

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