EU will help Egypt handle economic consequences of world crisis
The president of the European Commission Romano Prodi said Saturday, November 17 in Cairo that the European Union planned to help Egypt deal with the economic consequences of the global crisis sparked by the September 11 attacks in the United States.
"After the attacks of September 11, the tourist sector in Egypt has recorded losses of between 1.5 and two billion dollars," Prodi said, adding that the European Union "will help" Egypt face the economic consequences of the global crisis. The European official did not give any other details.
Egyptian Tourism Minister Mamduh Al-Beltagui said at the end of October that the collapse in tourist activity was between 40 and 45 percent in October and that he expected an even bigger drop during the winter months, which make up Egypt's high tourist season.
Tourism last year became Egypt's leading foreign currency earner, with record receipts in 2000 of $4.3 billion. — (AFP, Cairo)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)
- US Administration Praises Mubarak, Ready to Help Egypt Face Crisis
- The coup attempt that started a war: Israel’s invasion of Lebanon, its causes and consequences
- Egypt post January 25: Minimizing damage and turning crisis into opportunities
- IMF, World Bank and the Arab Spring: Free market to run free in the Middle East?