CAIRO, Aug. 23 (Aswat Masriya) - The Chairman of EgyptAir said on Tuesday that the company's losses amount to approximately $14 billion since January 2011 until now, as the country's tourism industry continues to deteriorate.

Safwat Muslim told Aswat Masriya that despite the tough circumstances facing EgyptAir, the company is persistent in modernizing its fleet of aircraft.

Egypt’s tourism industry, a vital source of foreign currency, has been hit since the 2011 Uprising that toppled former president Hosni Mubarak, and the series of events that have followed his ouster. The decline in tourist has reflected on the flag carrier airline, EgyptAir.

Last May, an EgyptAir flight which was carrying 66 people on board including 30 Egyptians and 15 French nationals crashed en route from Paris to Cairo. 

Last October, a charter flight operated by Russian airline Metrojet broke up midair 23 minutes after takeoff from Egypt’s Sharm el-Sheikh Airport as it headed to St. Petersburg, killing all 224 passengers and crew on board.

Last September, an Egyptian army aircraft fired on a group parked for a barbecue near a tourist site, thinking they were militants. In addition to the eight Mexicans, four Egyptians were killed. Six Mexicans were wounded.