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

Dear Sir / Chairman of the Board,

Greetings,

With reference to Circular No. 1 dated 2013, and Circular No. 7 dated November 17, 2015, and the subsequent circulars, and most recently Circular No. 6 dated November 6, 2020, and in light of the obligation to support the sector and its workers until November 30, 2021, and given the impact of the pandemic on the tourism sector, the Board of Directors of the Central Bank of Egypt, in its meeting held on December 21, 2021, approved the following decision:

1. Extension of the Tourism Sector Support Initiative for an additional year to end on December 31, 2022, during which any requests for deferral of bank dues are accepted for a maximum period of 3 years, with the following confirmation:

• The decision to approve the application is subject to the decision to activate the initiative occurring within the period from the issuance of this circular until the end of the initiative and the adoption of the appropriate measures.

• The initiative is limited to the tourism sector.

2. Extension of the Retail Loans Initiative for Workers in the Tourism Sector for one year to end on December 31, 2022.

During this period, the Bank confirms the activation of the initiative for customers who had not yet benefited from the initiative and the retail loans for the remaining period of 6 years from the date of maturity of the first installment - for customers of the Central Bank of Egypt - who were affected by the pandemic and whose due dates were on or before November 30, 2021 - in the tourism sector and the deferral of the initiative's dues.

3. The application of the accounting standards, and the adoption of the appropriate measures under the International Financial Reporting Standards (IFRS 9).

4. The possibility of deferring dues for customers who are workers in the tourism sector who previously benefited from the Retail Loans Initiative for Workers in the Tourism Sector since its issuance on December 7, 2015. And in light of the above, please be so kind as to disseminate compliance with the above from the date of its issuance.

And please accept our highest respect,

Gamal Naguib