Circular dated December 25, 2022 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 March 2023

Cairo on: 25 December 2022

Dear Sir / Chairman of the Board of Directors,

Greetings,

With reference to the Central Bank's initiative to support the tourism sector issued in March 2013, and the initiative for retail loans for workers in the tourism sector issued on December 7, 2015, and the subsequent circular letters, the latest of which is the circular letter issued on December 23, 2021, by which the period of work for them was extended for one year ending on December 31, 2022, and in light of the improvement in the performance of the tourism sector in the current period, the Board of Directors of the Central Bank of Egypt approved in its meeting held on December 13, 2022 the following decision:

1. Extend the validity period of the initiative to support companies working in the tourism sector for an additional three months to end at the end of March 2023, during which any requests for deferral of bank receivables will be accepted, with the continuation of the application of the rest of the conditions of the initiative.

2. Extend the validity period of the initiative for retail loans for workers in the tourism sector for an additional three months to end at the end of March 2023, during which banks are allowed the possibility of deferring the receivables of loan customers according to 30 September 2022 - retail loans and housing loans for housing for regular customers only - from workers in the tourism sector, with the continuation of the application of the rest of the provisions of the initiative.

3. Not to waive existing deductions, taking into account the requirements of the International Financial Reporting Standard (IFRS9).

4. The possibility of deferring the receivables of customers who are workers in the tourism sector who have benefited from the initiative for retail loans for workers in the tourism sector since its issuance on December 7, 2015.

And in light of the above, please be kind enough to alert to the compliance with the above from its date.

And please accept the highest respect,

Hassan Abdullah