Regulatory Alerts2013-12-02
Extending the work period of the tourism initiative until December 2014
The Chairman/President of the Board of Directors of Bank Al-Ahli, Mr. Hesham Ramez Abdelhafiz, announced the conclusion of the Central Bank's initiatives to support the hotel and tourism industry in Egypt by March 2015. This marks a significant chapter for the tourism sector as it is one of the most important sectors in terms of its contribution to the economy and being an essential source of foreign currency. The initiative involved several areas, including the addition of transportation services for tourists, the expansion of hotel and tourist projects, travel and booking agencies, tourism airline services, restaurants, beverages, and recreational activities in tourist areas. The plan aimed to reduce service costs without compromising quality or adding staff expenses, as per March 2015 figures. The initiative's guidelines allow banks to explore ways to assist companies based on their unique situations and make suitable decisions regarding them.