Minister: EgyptAir lost $777 million since 2011

Egyptian Civil Aviation Minister, Sherif Fathi, said EgyptAir has lost nearly $777 million since 25th January, 2011.

The minister said during a press conference on Tuesday in Cairo that the aviation industry is closely linked to the country’s politics and security and is affected by security challenges.

EgyptAir was affected by many political events on the ground like the Egyptian revolution and its security consequences in addition to the crash of an EgyptAir plane in the Mediterranean Sea coming from France, and the hijacking of an aircraft last year.

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The minister said the ministry has put priority on efforts to modernize the fleet and the industry’s infrastructure. However, he pointed out that Egyptian airports have undergone many challenges, and that the availability of resources represents the biggest obstacle to expand the construction projects.

Egyptair has recently signed a contract to purchase nine aircrafts from Boeing, worth $864 million, and has received three of them so far.