2020-01-08

A circular dated January 8, 2020 regarding the initiative for irregular legal persons operating in the tourism sector

The letter outlines a new initiative from the Egyptian Central Bank aimed at supporting the tourism sector, which is considered a cornerstone of the national economy due to its foreign currency earnings and job creation potential. The initiative offers relief to non-regular clients in the tourism industry with debts of 10 million Egyptian pounds or more, including those facing legal proceedings. It includes measures such as removing clients from blacklists, waiving legal cases, and releasing collateral upon agreement with banks on repayment terms.

Egypt

Central Bank of Egypt

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