News Egypt to loan EgyptAir $127 million to help it...


- Advertisment -

Egypt to loan EgyptAir $127 million to help it through coronavirus crisis

News Egypt to loan EgyptAir $127 million to help it through coronavirus crisis

EgyptAir planes are seen parked at the airport in Cairo, Egypt October 9, 2019. REUTERS-Mohamed Abd El Ghany

Egypt’s government will lend EgyptAir 2 billion Egyptian pounds ($127.39 million) due to the impact of the coronavirus on its operations, the finance ministry said.

A member of the Star Alliance led by Germany’s Lufthansa, EgyptAir halted regular international flights on March 19 when the government closed the country’s airports to combat the spread of the virus.

The government will support state-owned EgyptAir until it returns to 80% of its 2019 operations, the ministry said in a statement on Saturday.

EgyptAir has continued flying some domestic routes and repatriation flights for citizens stranded abroad.

Egypt is allowing hotels to reopen for domestic tourists on condition they operate at no more than 25% capacity until the end of May.

From June 1, hotels will be allowed to work at up to 50% capacity.

The virus has shut down Egypt’s tourist sector, which accounts for 12%-15% of gross domestic product, leading to losses estimated at $1 billion per month.


Please enter your comment!
Please enter your name here

Recent Updates

Many feared killed in Kogi tanker accident

A tanker accident on Wednesday morning has claimed several lives in Lokoja, Kogi State.The accident which happened at about...

Wilfred Ndidi ruled out of Leicester City’s clash with Arsenal

Super Eagles midfielder Wilfred Ndidi has been ruled out of Leicester City’s Carabao Cup game against Arsenal on Wednesday.The...

Governor Obaseki: Edo election shows South South is for PDP

Edo State Governor, Godwin Obaseki, has expressed gratitude to his Bayelsa counterpart, Senator Douye Diri, and the people of...

Daniel Igali seeks minister’s consent to vie for International wrestling position

Nigeria Wrestling Federation President, Daniel Igali, has sought after the consent of the sports minister Sunday Dare to be...
- Advertisement -

Appeal court hears police brutality on Nigerian journalist 11 years after

The Court of Appeal sitting in Abuja on Tuesday adjourned a hearing of a case of assault and enforcement...

Oyo governor flags off N2.5 billion Ajoda Housing Estate project

Gov. Seyi Makinde of Oyo State, on Wednesday, flagged off the construction of 360 units of houses at Ajoda...
- Advertisement -

You might also likeRELATED
Recommended to you