2013-03-13

Central Bank Initiative to Support the Tourism Sector

The Central Bank of Egypt has launched an initiative to support the tourism sector, particularly credit facilities for financing specific activities like hotels, travel services, and tourism transportation. This initiative includes a grace period of up to one year to defer all existing dues and capitalize interest on the principal debt, with specific exclusions for certain client categories unless a settlement is agreed upon. Banks are guided by general frameworks to assess each case individually, potentially reducing interest rates and allowing for new credit facilities for non-regular clients with a 5% provisioning.

Egypt

Central Bank of Egypt

Show thumbnailShow full textSourceAdd to collection

Show thumbnail