in Business & Finance

IATA and Egyptian authorities working together to address airline blocked funds

Posted 30 August 2016 · Add Comment

The International Air Transport Association (IATA) and Egyptian authorities are working together to find a practical solution to release, for repatriation foreign exchange funds due international airlines operating to Egypt.

Since March, airlines have been unable to repatriate the full amount due them under international conventions, as a result of restrictions imposed by the Government of Egypt. The current value of funds blocked in Egypt stands at US$275 million.

Discussions between airlines, the Central bank of Egypt and Egypt's Civil Aviation Authority have resulted in the release of US$240m for repatriation. Talks continue towards establishing a realistic and achievable payment schedule to settle the remaining amount.

Connectivity is critical for Egypt.  Aviation supports over 1 million jobs and provides US$13.1 billion in social and economic benefits to the country.

The economic impact of the connectivity that aviation provides is essential for Egypt to overcome current economic challenges. Airlines struggle to provide vital connectivity if they are not able to recover revenues which are essential to covering their costs.  IATA, the airlines serving Egypt and the Government of Egypt are working closely to find a solution that will comply with international obligations and facilitate effective air links in support of Egyptian business, including trade and tourism.

 

* required field

Post a comment

Other Stories
Advertisement
Latest News

South African Airways continues services to Zimbabwe

South African Airways (SAA) has clarified that its operations between Johannesburg and Zimbabwe remain in place in spite of the prevailing situation in Zimbabwe.

Air Sénégal orders A330neos

Air Sénégal has signed an MoU with Airbus for two A330-900neo with options for a further two, reports ch-aviation.

IATA urges Swift GASeP implementation

The International Air Transport Association (IATA) urged the swift implementation by states of the first Global Aviation Security Plan (GASeP) which was established this week by the Council of the International Civil Aviation

EgyptAir and LOT sign codeshare agreement

EgyptAir and LOT have enhanced their relations by signing codeshare agreement for passengers flying between Cairoand Warsaw.

CANSO calls for collaboration to exploit technologies to modernise ATM in Africa

CANSO, the Civil Air Navigation Services Organisation, has highlighted the opportunities to exploit new and emerging technologies to modernise air traffic management (ATM) in Africa.

Ethiopian Airlines introduces Boeing 787-9 Dreamliner on its Entebbe route

Ethiopian Airlines, now operating daily flights in and out of Entebbe International Airport Uganda, has introduced a 350 passenger seater modern aircraft.

AfBAC Expo SK2017
See us at
Aviation Africa BT18418Global Aerospace BT28218AfBAC Expo BT2017