IATA working with Egyptian authorities to find solution to blocked funds

IATA stated (25-Aug-2016) it is working with Egyptian authorities to find a practical solution to release foreign exchange funds for repatriation to international airlines operating to Egypt. Airlines have been unable to repatriate the full amount due under international conventions since Mar-2016 due to restrictions imposed by Egypt's Government. The current value of funds blocked in Egypt is USD275 million. Discussions between airlines, the Central bank of Egypt and Egypt's Civil Aviation Authority have resulted in the release of USD240 million for repatriation. [more - original PR]