2020-12-07

A circular dated December 6, 2020 regarding amending some items of the initiatives to replace and renew hotels and finance the payment of salaries, with the guarantee of the Ministry of Finance.

In response to the ongoing impact of the COVID-19 pandemic on the tourism sector, the Central Bank of Egypt has approved several measures to support the industry and its employees. These include extending the grace period for repayment of loans under the hotel renovation initiative until December 13, 2023, with interest capitalization during this period, and increasing the monthly salary limit for workers in the tourism sector to EGP 25,000 under the initiative guaranteeing salary payments by the Ministry of Finance.

Egypt

Central Bank of Egypt

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