Egypt's tourism revenues increased by 26.8%, reaching $13.6 billion in FY2022/2023, compared to $10.7 billion in FY2021/2022, according to a report by the Central Bank of Egypt (CBE) on Wednesday.

The number of inbound tourists increased by 35.6% to about 13.9 million tourists, the report wrote. Additionally, the number of nights spent by tourists in Egypt increased by 27.6% to record 146.1 million nights in FY 2022/2023.

The strategic efforts implemented by the government led to a remarkable surge in the influx of visitors to Egypt, resulting in an impressive milestone of 7 million tourists during the initial six months of 2023.

During the month of April, the number of tourists reached 1.3 million tourists, the highest recorded figure within a single month.

The revenues generated from the tourism sector and the Suez Canal contributed to Egypt's economic landscape witnessing a remarkable transformation as it successfully turned a $10.5 billion deficit in its Balance of Payment (BoP) during the fiscal year 2021/2022 into a surplus of $882 million in the fiscal year 2022/2023.

A key source of foreign currency in Egypt, the government aims to double the number of tourists over the next five years to reach 30 million tourists by 2028.

In pursuit of this objective, the government is actively engaged in enhancing the infrastructure of the tourism sector through digital transformation, boosting hotel capacity, linking tourist destinations, and developing the legislative structure to stimulate investments within the sector.