Regulatory Alerts2022-06-05
Added · Updated
Circular dated June 5, 2022 regarding financing operations to increase the efficiency of internet speed within the initiative to replace and renovate tourist facilities
The Central Bank of Egypt has decided to include telecommunications and internet speed enhancement works within the scope of its financing initiative for the replacement and renovation of hotels, floating hotels, and tourist transport fleets. This inclusion applies to financing operations offered at a declining interest rate of 8%. The decision was taken during the Board of Directors' meeting held on May 31, 2022, and banks are instructed to ensure compliance with this expansion of eligible activities.
Cairo: June 5, 2022
To: Chairman of the Board of Directors
Tahya Misr Bank,
Greetings,
With reference to the circular letter dated January 8, 2020, concerning the Central Bank's initiative to finance replacement and renovation operations required for hotels and floating hotels and tourist transport fleets (at a declining return rate of 8%), and the amendments to the regulatory framework for many activities and the important tourism sector during the current year, and its addendum, and the hosting of the COP 27 conference of the United Nations Framework Convention on Climate Change during November next month, and in continuation of the Central Bank's role in supporting the tourism sector and meeting its needs, the Board of Directors of the Central Bank decided in its meeting held on May 31, 2022, the following:
"Including telecommunications and internet speed enhancement works under the purposes of the financing initiative for replacement and renovation operations required for hotels and floating hotels and tourist transport fleets at a declining return rate of 8%"
Please be kind enough to alert regarding compliance with the above.
And please accept the highest respect,
Tarek Amer