Egypt gives $128 million for tourism

Published on : Tuesday, February 23, 2021

As per a bank statement, the first tranche will start with 1 billion Egyptian pounds for the Credit Risk Guarantee Company. This is to make sure that the balances of the guarantees issued by the company for banks, to cover a fraction of the associated risks and to sponsor companies related to tourism.

The statement mentioned that this move has been introduced to put back as well as renovate land hotels, floating hotels and tourist transport companies. It does not comprise the 3 billion Egyptian pounds allocated by the Ministry of Finance.

The Egyptian Central Bank explained that this choice was done taking into consideration of the January 2020 initiative and its amendments, according to which 50 billion Egyptian pounds was offered via banks at a return rate of 8 percent.

This plan is part of the monitoring of the performance of the initiative and the wish of the Central Bank to carry on helping tourism taking into consideration of the pandemic crisis and its constant effect.

Also, the statement mentioned that the decision stipulated the maximum limit should not exceed 400 million Egyptian pounds for one client, the client and the parties associated with it.

As per the latest decision by the board of directors of the bank, facilities can be granted as part of the initiative to put back and refurbish hotels, floating hotels and tourist transport companies at a value that goes beyond the prescribed maximum, without benefiting from the pledge issued in favor of the Credit Risk Guarantee Company. This is in addition to using the pledge to guarantee facilities for new customers or increase the existing facilities.

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