Regulatory Alerts2021-02-15
Added · Updated
Circular dated February 15, 2021 amending some provisions of the tourism initiative issued under the guarantee of the Ministry of Finance
The Central Bank of Egypt amends the tourism initiative guaranteed by the Ministry of Finance by increasing the maximum financing limit per client and its related parties to 40 million Egyptian pounds. The initiative's validity is extended until the end of June 2021 or the exhaustion of the 3 billion Egyptian pound allocation, with the grace period extended to the end of December 2021 and repayments beginning in January 2022 for two years. Beneficiaries are permitted to utilize the January 8, 2020 replacement and renewal initiative for accommodation and transport, including its March 23, 2020 amendment, provided they sign a commitment against overlapping monthly grants and face market interest rates from the disbursement date in case of violation. Additionally, default interest rates are applied from the disbursement date if payments stop before the first installment, or from the stoppage date if payments had already commenced.