Regulatory Alerts2021-12-23
A circular dated December 23, 2021 regarding extending the period of work in the tourism sector initiative and the retail loans initiative for workers in the tourism sector until the end of 2022.
The Egyptian Central Bank's Board of Directors has agreed to: 1. Extend the duration of tourism industry support measures for one year until December 2022, without accepting any loan extension requests for up to three years with a guarantee of not altering existing conditions or implementing new restrictions. 2. Prolong the implementation period of small and medium enterprises' credit facilities in the tourism industry until December 2022. Loan maturities will be extended by an additional six months under the agreement, provided that loans are repaid with a grace period if necessary. 3. The bank will continue to rely on external auditors' reports based on IFRS standards. 4. Extension of loan repayment terms for employees in the tourism industry who have already utilized the tourism sector credit facilities since their introduction on December 2015, subject to the usual conditions and procedures.