2017-02-21

Added 2024-09-20 · Updated 2026-08-02

Central Bank of Egypt Initiative to Support Replacement and Renovation of Residence Hotels, Floating Hotels, and Tourist Transportation Fleets

The Central Bank of Egypt allocates EGP 5 billion through commercial banks to finance the replacement and renovation of residence hotels, floating hotels, and tourist transportation fleets for regular customers as of December 31, 2016. Loans carry a 10% declining simple interest rate, a maximum tenor of 10 years (including a 2-year grace period), and cover up to 75% of total costs, with the remaining 25% borne by the client. The Central Bank compensates banks for the interest rate differential, calculated as the difference between the 10% loan rate and the overnight lending rate plus 1%. Projects must utilize 75% locally manufactured products and comply with new Ministry of Tourism standards.

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