Egyptian Planning Minister Ashraf Al-Araby and Minister of Tourism Hisham Zazou have met with the presence of Chairman of the Egyptian Federation of Chambers of Tourism Elhamy El-Zayat and Mahfouz Aly, head assistant to the tourism minister in addition to representatives from tourism sector. During the meeting it discussed the ways of developing tourism and the procedures to be taken to activate these mechanisms, as part of that it was agreed on the newly-launched Ayadi Company for Employment and Investment in establishing Egypt's new Investment Fund Papyrus so as to pump and mobilize domestic and foreign investment to revitalize the tourism sector. The Fund aims to collect approximately US$250 million investments during the first closure, under the Investment managers Certified Egyptian Financial Supervisory Authority (EFSA). It was agreed on time and operational framework to take the constituent actions of the Fund and to provide papers to the EFSA, in preparation for the launch of the project through the support and development of the Egyptian economy, which will be held in next March conference and that will contribute of generating development and fast economic return.
