Regulatory Alerts2017-01-02
A circular dated December 29, 2016 regarding extending the work period for the tourism sector support initiative and the retail loans initiative for workers in the tourism sector
In December 2016, the CEO/Chairman of Egypt's Central Bank expressed optimism towards the tourism industry and highlighted the importance of supporting it. The bank decided to extend a loan support programme for employees in the sector until February 2018. A deposit facility for employees will also be extended for six more months up to June 2017, with employees only being allowed to access their deposits after completing six additional months' service or if they have housing loans or personal loans that were approved before August 30, 2016. The decision comes as a relief to employees who work in the tourism sector and had been granted loans under the loan support programme since December 7, 2015.
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governance