Tourism Sector in Egypt grows by 8.2% in First Quarter of FY2024/2025
Rania Al-Mashat, Egypt’s Minister of Planning, Economic Development, and International Cooperation, announced that the country's tourism sector achieved an 8.2 percent growth in the first quarter of the 2024-2025 fiscal year.
This statement was made during a meeting with a JPMorgan Chase delegation and several investors to explore opportunities for future collaboration and discuss the latest developments in Egypt's economy.
Minister Al-Mashat provided an overview of the economic progress Egypt has made since the start of the previous year, highlighting the government’s commitment to implementing an economic and structural reform program in partnership with the International Monetary Fund (IMF) and international allies.
She emphasized that the Egyptian government had successfully restored macroeconomic stability since March of the previous year, despite facing significant economic challenges. One of the notable achievements was securing the largest foreign direct investment deal in Egypt’s history with the Ras El-Hekma project.
The Minister also discussed the ongoing strategic partnership with the European Union, which includes a €5 billion initiative for macroeconomic support and budget deficit financing. By the end of last year, Egypt had received €1 billion, and negotiations for the next funding tranche are now underway.
The government’s focus on fiscal discipline and improving investment efficiency contributed to a decline in public investments during the first quarter of the current fiscal year. Meanwhile, private investments saw an increase, marking a shift where, for the first time in 2024, private sector financing exceeded that for the government. In total, concessional financing for the private sector from international partners reached $4.2 billion in 2024, surpassing the government’s financing. From 2020 to 2024, private sector investments amounted to $14.5 billion.
These investments were directed to various sectors, including startups, technology and innovation, manufacturing, healthcare, green transformation, transport, and logistics.