IATA and Egypt collaborate to address airline blocked funds
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 $275 million.
Discussions between airlines, the Central bank of Egypt and Egypt's Civil Aviation Authority have resulted in the release of $240 million for repatriation. Talks continue towards establishing a realistic and achievable payment schedule to settle the remaining amount.
Connectivity is critical for Egypt, as aviation supports over 1 million jobs and provides $13.1 billion in social and economic benefits to the country.
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