Regulatory Alerts2020-11-03
A circular dated November 2, 2020 amending some provisions of the tourism initiative issued under the guarantee of the Ministry of Finance
In a letter dated November 2, 2020, the Central Bank of Egypt's Vice Governor, Gamal Negm, addresses the Chairman of the Board of Directors of a bank regarding amendments to an initiative providing financial support to the tourism sector amid the COVID-19 crisis. The letter announces modifications to the initiative, including an extension of salary payments for tourism sector employees from three to six months and a change in the allocation of loans, with at least 40% now dedicated to salary payments and the remaining amount for maintenance and operating expenses. Negm also emphasizes the continuation of another initiative from March 2020, allowing banks to provide credit facilities for salary payments and existing obligations to suppliers and maintenance services for tourism activities.