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

Airbus launches new open aviation data platform to support digital

Airbus has launched a new aviation data platform in collaboration with Palantir Technologies pioneers in big-data integration and advanced analytics. Skywise aims to become the single platform of reference used by all major

PARIS AIRSHOW: GE and its JV partners receive more than $31 billion in orders

GE Aviation and its joint venture companies, led by CFM International, announced more than $31 billion (USD) in orders and commitments at this week's Paris Air Show.

Flight simulation technique centre in India purchases simulator from Flight Safety International

FlightSafety International, that has a training centre in South Africa, has signed an agreement with Flight Simulation Technique Centre (FSTC) for the purchase of a full flight simulator for the Bombardier Q400 aircraft.

Boeing raises forecast for new aircraft demand

Boeing has raised its forecast for new airplane demand, projecting the need for 41,030 new airplanes over the next 20 years valued at $6.1 trillion dollars.

PARIS AIRSHOW: Farnborough International launches 2018 show

Organisers of the Farnborough International Airshow detailed their plans for the forthcoming show which will take place from 16th 22nd July 2018 at the Farnborough International Exhibition & Conference Centre.

Embraer sees market demand for 6,400 new deliveries in 70-130+ seat segment

According to the latest Market Outlook, Embraer projects a steady market demand for 6,400 new jets in the 70-130+ seat capacity category (2,280 units in the 70-90 seat segment and 4,120 units in the 90-130+ seat segment), worth USD 300

Aviation Africa SK18418
See us at
GroundHandling BT0303280917Aviation Africa BT18418Global Aerospace BT28218