Regulatory Alerts2022-03-31
A circular dated March 31, 2022 regarding some amendments to the tourism initiative regarding grace periods and extending the work of the tranche, guaranteed by the Ministry of Finance.
The letter informs the recipient of two circulars issued by the Central Bank of Egypt offering initiatives to support the tourism industry. The initiatives include financing for the renovation and renewal of hotels and floating hotels, as well as funding for the payment of salaries, wages, and maintenance expenses. The repayment period for these loans has been extended until June 2022, with the first installment due in July 2022. The letter also mentions that the bank is committed to supporting the tourism sector and its employees in light of the challenges faced by the industry internationally. Additionally, it emphasizes the possibility of financing the transformation of tourism establishments into green establishments and the use of clean energy, including projects for the adoption of natural gas for vehicles.