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Tuesday, 28 March 2017

Is Air France-KLM having a change of heart about Egypt?

Is Air France-KLM having a change of heart about Egypt? While he did not directly say it, that’s the impression we got from Executive Vice President of Air France-KLM Group Patrick Alexandre, who sat down for an interview with Ahram Online. KLM had announced last year that it would suspend flights to Cairo due to FX issues and the suspension of profit repatriation prior to the EGP float. Beyond the platitudes of the airline’s support for Egypt, Alexandre noted the improvements in the repatriation of the company’s profits, saying, “We had a very positive discussion with the government trying to solve this issue. They have explained how they are trying to recover, to create a better, more efficient foreign currency regime.” Problems with the exchange rate and repatriation of profits appeared to be his one main concern. Beyond them, Alexandre noted the slow improvement in the prospects of the tourism industry, which coincided with a drop in tourism in France as a result of recent terrorist attacks.

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