Regulatory Alerts2020-12-07
Added · Updated
Circular dated December 6, 2020 regarding amending some items of the initiatives to replace and renew hotels and finance the payment of salaries, with the guarantee of the Ministry of Finance
The Central Bank of Egypt extends the interest capitalization grace period for the hotel replacement and renewal initiative (8% declining rate) until December 13, 2023, requiring the first installment to be paid in January 2024 regardless of the disbursement date. It also increases the maximum monthly salary eligible for coverage under the Ministry of Finance-guaranteed tourism sector salary financing initiative from 15,000 to 25,000 Egyptian pounds. The grace period extension applies to both new and previously granted facilities, while the salary limit increase applies only to facilities granted from the effective date of the circular.