Subscribe Free
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

Royal Jordanian starts to implement enhanced security measures on US-bound flights

As of January 18, 2018, Royal Jordanian will start implementing the additional security measures required in October 2017 by the US authorities for US-bound flights.

Boeing and Adient launch new company to design and build aircraft seats

Boeing has announced the formation of Adient Aerospace, a joint venture that will develop, manufacture and sell a portfolio of seating products to airlines and aircraft leasing companies.

All eyes on the Hawk

BAE Systems has flown the demonstrator for a new so-called Advanced Hawk configuration. Jon Lake takes a look at the new aircraft.

Airbus Commercial Aircraft delivers record performance

Airbus’ Commercial Aircraft deliveries in 2017 were up for the 15th year in a row, reaching a new company record of 718 aircraft delivered to 85 customers.

Turkish Cargo launches Miami flights offering wide body cargo aircraft

Turkish Cargo has launched cargo flights to Miami. Turkish Cargo’s Miami cargo flights are to be operated with Boeing 777-200F, the cargo aircraft newly acquired the past month.

Qatar first airline to ever fly Airbus A350 to Greece

Qatar is the first airline to ever fly the state-of-the-art Airbus A350 to Greece.

Kuwait Aviation SK1909310118
See us at
MEBAA BT2018AIME BT1204240118Global Aerospace BT2018BIAS BT271017161118Istanbul Airshow BT22018ArabianTravelMkBT250418Abu Dhabi AirExpo BT2018Aviation Africa BT18418Saudi Future Airports BT150318