File photo: a group of tourists in Giza Pyramids
The governor of the Central Bank of Egypt Tarek Amer has instructed all banks to introduce further measures supporting the tourism sector.
The new measures involve adding a term to the tourism support initiative already adopted by the CBE, which introduces credit facilities for tourism enterprises to be paid over a maximum of two years with a six-month grace period.
According to the CBE’s statement, these measures aim to facilitate the paying of salaries and financial dues for suppliers for tourism enterprises.
The procedures are in line with the state’s preventive and precautionary efforts to contain COVID-19’s impacts, especially on the national economy.
The CBE launched in 8 January an initiative to back the tourism sector through allocating EGP 50 billion to finance tourism enterprises that are willing to renew or replace their hotels and marinas with a declining 8 percent interest rate.