"833,000 holidaymakers came from Russia to Egypt in the first quarter of 2015, and that is the minus of only 13 percent compared to the projected 35-40 percent decrease," Khaled Abbas Rami said.
The minister added that Egypt received more than 3 million tourists from Russia in 2014, which is 400,000 more than in the previous year.
Tourism accounts for 11.3 percent of Egypt's economy, 19.3 percent of its foreign currency revenues, and remains one of the most desirable destinations for Russian tourists.
Although a sharp fall in global oil prices has led to an economic slowdown in energy export-reliant Russia last year, the ruble has regained most of its value against other currencies in spring 2015.
Russia's national currency, the ruble, will not be used in tourism and trade settlements with Cairo in the near future, Tourism Minister of Egypt said.
In January, Egypt’s then-Minister of Tourism Hisham Zazou, told a local newspaper that Cairo and Moscow were planning to begin using rubles in mutual settlements in the sphere of tourism and in trade as a way to maintain the flow of Russian tourists to Egypt.
"I don’t think it’s possible now. I believe there should be some sort of barter agreement first that would allow Egypt to use these funds [rubles] to pay for imports from Russia," Rami said.
The minister added that the Central Bank of Egypt cannot allow the use of ruble in the country right now.
"It was only an idea but it was never accomplished. We need hard currency in Egypt as you do in your country," Rami told Sputnik.
Tourism accounts for 11.3 percent of Egypt's economy, 19.3 percent of its foreign currency revenues, and remains one of the most desirable destinations for Russian holidaymakers.
In the spring of 2015, the energy export-reliant Russian economy began rebounding from its slowdown and the ruble has regained most of its value against other currencies.
Egypt has launched a major advertising campaign in 27 countries to double the number of tourists visiting the country, Khaled Abbas Rami stated.
"Egypt received 9.9 million tourists in 2014. By 2020 we plan to double this number and receive 20 million yearly," Rami said.
The minister expressed hope that by that period, revenue from tourism would reach $26 billion. To that end, he unveiled to Sputnik a call for bids with 17 international marketing agencies in contention for a 27-nation campaign launched later this fall.
"Egypt has much more to offer than Red Sea resorts. We want tourists to visit Luxor, Aswan, Cairo and all other magnificent places," Rami told Sputnik.
The minister also unveiled plans to introduce religious tours to Christian holy places, classical Egypt tours, as well as desert, spa and golf tours.
"Egypt has to show the whole world that we are back again, we are confident and investing in our tourism product," Rami told Sputnik.
Three years of political upheaval following the toppling of former president Hosni Mubarak and subsequent turmoil has battered Egypt's tourism industry.
The country's tourism figures for 2014 cited by Rami were up from 2013, when it received 9.5 million tourists. Tourism accounts for 11.3 percent of Egypt's economy and 19.3 percent of its foreign currency revenues.
