Regulatory Alerts2024-10-20
A circular dated October 20, 2024 regarding the Council of Ministers’ approval to issue a new initiative to support the tourism sector, funded by the Ministry of Finance.
In reference to the Prime Minister's decision no. 4151 of 2022, the Ministry of Finance will manage and follow up on new initiatives or modifications to existing ones, per the controls and provisions in the decision, with the approval of the Cabinet. The Cabinet approved, in its session no. 3 on July 24, 2024, the launch of the tourism sector support initiative with funding from the Ministry of Finance, with a maximum client financing limit of EGP 1 billion and EGP 2 billion for a client and its affiliates. The initiative's duration is 16 months or until October 30, 2026, whichever is earlier, with a 6-month grace period. The funded companies must obtain a temporary or permanent operating license within 6 months of the end of the drawdown period.