Egypt's CBE allocates EGP 50 billion to support tourism sector

Ahram Online , Sunday 15 Dec 2019

The CBE said the plan involves the extension of the current tourism initiative to 31 December 2020 and exempting certain tourism sector debt defaulters from marginal benefits

File photo: Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016 (Reuters)

The Central Bank of Egypt (CBE) announced on Sunday a large financing plan to support the tourism sector, which includes increasing the value of its initiative to renovate and develop hotels from EGP 5 billion to EGP 50 billion.

The CBE said in a statement that the plan involves the renewal and extension of the current tourism initiative to 31 December 2020, in addition to exempting tourism sector debt defaulters from before 2011 from marginal benefits.
The initiative also involves the exemption of travel companies, including those in Taba, Nuewiba, and Saint Catherine cities in South Sinai, from marginal benefits and 50 percent of debts.
CBE Governor Tarek Amer stated that the initiative was formed upon directives from President Abdel-Fattah El-Sisi to support the tourism sector as a main source of income, job opportunities and nourishment for other industries.
On Saturday, South Sinai governor Khaled Fouda arranged a meeting in Sharm El-Sheikh between CBE Governor Tarek Amer, his deputy Gamal Negm, and representatives from the banking sector, tourism associations and major investors and hotel owners.
The meeting discussed supporting Egypt’s tourism industry to take advantage of the sector’s increasing growth, as one of the largest sources of income and foreign currencies.
Fouda expressed appreciation for the support provided by the CBE and Egyptian banks as well as for President El-Sisi for his sincere interest in Egypt’s tourism and contributing to its global marketing campaigns, which has had positive effects.
They also praised the CBE and the banking sector for overcoming challenges facing tourism as well as their practical contribution to the sector.
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