2020-03-24

A circular dated March 23, 2020 regarding granting credit facilities for two years within the framework of the tourism initiative issued to support the replacement and renovation of hotels

In a letter dated March 23, 2020, the Governor of the Central Bank of Egypt announces initiatives to support the tourism sector, including a 50 billion Egyptian pound fund offering 8% interest to finance companies and tourism establishments for renovation and upgrade of hotels, floating hotels, and tourist transport fleets. The letter also mentions a maximum two-year repayment period for credit facilities, with a grace period of up to six months for salary, supplier, and maintenance payments for specific tourism activities. These initiatives are subject to each client's credit study prepared by the bank.

Egypt

Central Bank of Egypt

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