Egyptian Tourism Federation launches $1bn investment fund

June 5, 2014 12:02 pm

Egypt’s Federation of Chambers of Tourism has announced the launch of a $1bn investment fund, Daily News Egypt has reported. The federation established the fund at a minimum value of $1bn in its first phase, which will increase to $5bn in the coming phases, as a means to rescue troubled hotel projects and tourism companies, said chairman of the federation, Ilhamy Zayat.