The Egyptian government announced it has granted a subordinated loan of EGP2 billion (€116 million) to support the national carrier Egyptair. According to the finance minister Mohamed Maait, the repayment will be made once the carrier has reached an operating rate equivalent to 80% of its operating volume in 2019.
This aid is aimed at supporting the national airline's cash flow, which has seen its revenues drastically reduced since the suspension of regular traffic at all Egyptian airports on 19 March due to the Covid-19 pandemic.
According to the latest International Air Transport Association (IATA) forecast, the number of passengers in Egypt could drop by 9.5 million in 2020, which corresponds to a loss of revenue of around €1.52 million. In such a scenario, the country's GDP could decline by €2.2 billion, and 205,560 people could lose their jobs.
Private sector airlines have been granted a six-month moratorium by the Egyptian government for the payment of utility bills and payments will resume in October. The measure, which also affects hotels, is part of the government's efforts to contain the impact of the ongoing coronavirus pandemic on the tourism sector.
• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société ...
Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...
• Kenyan President William Ruto signs strategic partnership with UK Prime Minister Keir Starmer to b...
• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might seek to address rating concerns • April 2026 allows...
• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo • License award comes on stream as part of the...
• The International Monetary Fund (IMF) has authorized a $262.3 million disbursement for Ethiopia, taking total payments under Extended Credit...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boosting regional trade and investment• Part of broader...
The Gerewol tradition is a fascinating ritual celebrated by the Bororo Fulani, a nomadic community primarily located in Chad and Niger. This annual...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...