Circular dated March 23, 2020 regarding granting credit facilities for two years within the framework of the tourism initiative issued to support the replacement and renovation of hotels

Cairo: March 23, 2020

To: Mr. Chairman of the Board of Directors, Bank

Greetings,

With reference to the initiatives issued by the Central Bank of Egypt to support the tourism sector, the latest of which is that issued pursuant to the circular letter dated January 8, 2020, and its subsequent amendments, under which an amount of 50 billion Egyptian pounds was allocated to finance companies and tourist establishments wishing to replace and renovate accommodation hotels, floating hotels, and tourist transport fleets at a yield rate of 8% calculated on a declining basis.

It has been decided to add a clause to the aforementioned initiative regarding the possibility of granting credit facilities repayable over a maximum period of two years, in addition to a grace period not exceeding 6 months starting from the disbursement date, during which yields are capitalized, for the purpose of settling salaries and wages, existing obligations to suppliers, and maintenance works for the following tourist activities:

• Accommodation hotels and tourist projects (except those built for the purpose of sale).
• Travel agencies, booking, and tour services.
• Land tourist transport.
• Restaurants and recreational activities in tourist areas.
• Passenger air transport.

This, while emphasizing that the above must be done in accordance with the credit study prepared for each client by the Bank.

Please be kind enough to alert towards taking the necessary measures in this regard.

Yours faithfully,
Tarek Amer