The Central Bank of Egypt is all set to help tourism by introducing three initiations

Published on : Monday, January 13, 2020

Central Bank of Egypt Last week, the Central Bank of Egypt (CBE) introduced three campaigns to aid tourism and its workers. The tourism industry is of immense significance and is one of the major pillars of the national economy of Egypt as it provides hard currency and creates job opportunities.

 

EGP 50bn finances with 10% falling interest
The first effort was introduced by the CBE to help the tourism sector. It will assign EGP 50bn loans with a 10% falling interest as an alternative for a previous effort of EGP 5bn only.

 

The CBE explained that this effort comes as a continuance of the previous campaigns introduced by the bank to help the tourism industry. The loans can be extended for 15 years, on the basis of credit study for each client.

 

Also, the CBE will be working with upset borrowers from the tourism industry, on the basis of a case study.

 

Banks will fund 75% of the cost for replenishment as well as overhaul of tourist facilities, as customers must pay the remaining value.

 

Also, banks will carry on technical studies, comprising feasibility study, and shall look for support of a specialized consultant to determine the viability of the project and follow up with the execution and endorsement of its completion. Disbursement of funds must match completion ratios.

 

Funds granted under the initiative cannot be used to repay older loans.

 

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