2017-02-21

A periodic letter dated February 21, 2017 regarding the initiative of the Central Bank of Egypt to support the replacement and renovation of residence hotels, floating hotels, and tourist transportation fleets.

In a letter dated February 21, 2017, the Governor of the Central Bank of Egypt announces a 5 billion EGP initiative to support the tourism sector and its workers. The initiative offers financing for companies and establishments in the tourism industry to renovate hotels, floating hotels, and tourist transport fleets. The terms include a 10% interest rate, a maximum loan duration of 10 years, and a requirement for the use of locally manufactured products for 75% of the renovation cost.

Egypt

Central Bank of Egypt

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