Ayaady for Investment and Agriculture Development, a crowd-funded joint-stock agriculture company, will contribute to the establishment of a tourism investment fund, known as the Papyrus Tourism Private Equity Fund, Planning Minister Ashraf el Araby and Tourism Minister Hisham Zaazou had agreed.
The fund aims to collect $250 million investments in the first closing under the management of the Egyptian Financial Supervisory Authority (EFSA), Araby said.
Araby said he tackled with the tourism minister today means to promote the tourist sector.
He said they agreed to set a timetable for the establishment of the fund to be submitted during the economic conference that Sharm El Sheikh will host in March.