Cairo: The Central Bank of Egypt (CBE) said the country’s tourism revenues increased by 43.5 per cent to a record high of $4.1 billion in the first quarter of the fiscal year 2022-2023.
Egypt’s fiscal year begins at the beginning of July and ends at the end of June the following year, reports Xinhua news agency.
The number of tourists visiting Egypt from July to September last year rose by 52.2 per cent to 3.4 million, while the number of nights tourists spent in the country increased by 47.1 per cent to 43.6 million, the bank said in an official statement.
Over the past few years, Egypt’s tourism sector, a main source of national income and hard currency for the country, has been greatly affected by the country’s fight against terrorism, especially after a Russian plane crashed over the Sinai Peninsula in October 2015, killing all 224 passengers and crew on board.
With improving security conditions in Egypt, tourism gradually recovered in the following years to bring Egypt a record high of $13 billion in revenues in 2019, when more than 13 million tourists visited the North African country, before tourist numbers declined again because of the Covid-19 lockdowns.
The ongoing Russia-Ukraine war has also cast a shadow on the sector as the two countries have been among top sources of tourists to the country boasting many historic monuments.
Abdel Fattah al-Assi, a former assistant minister of tourism and antiquities for hotel facilities control, attributed the revival of the tourism industry to the incentives provided for foreign travel agencies and the country’s improved stability and security, among other factors.
“After the Covid-19 lockdowns, more people will spend their holidays abroad, and Egypt has many advantages for tourists as it enjoys a nice weather and offers reasonable prices (for tourists),” al-Assi told Xinhua.
The ongoing development in Egypt, such as better roads, less traffic and the renovation of most tourist destinations, will attrack more visitors, he noted.