Regulatory Alerts2020-03-24
Added · Updated
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
The Central Bank of Egypt amends the tourism initiative to allow credit facilities with a maximum duration of two years and a grace period of up to six months during which interest is capitalized. These facilities are available to accommodation hotels, travel agencies, land transport, restaurants, and passenger air transport, provided the funds are used for salaries, supplier obligations, and maintenance. The initiative excludes hotels built for sale and requires each client to undergo a credit study conducted by the bank.
Topics
credit
monetary
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