Circular dated March 8, 2022 regarding the decision of the Ministry of Trade and Industry regarding import for private use

Dear Mr. Chairman of the Board of Directors,

Bank

Greetings,

With reference to the circular dated January 8, 2020, regarding the Central Bank's initiative to finance the replacement and renewal of accommodation hotels, floating hotels, and tourism facilities (at a declining interest rate of 8%), and to the subsequent amendments included in it regarding the possibility of granting credit facilities for the purpose of paying salaries and wages, and obligations to suppliers, and maintenance works, and tourism promotion, it was decided that these facilities apply to a maximum repayment period of two years, with a grace period ending on December 31, 2021, during which returns are capitalized, and that the repayment of the first installment begins on January 1, 2022 (regardless of the disbursement date).

And with reference to the circular dated June 16, 2020, regarding allocating a tranche amounting to 3 billion pounds from the amount allocated to the aforementioned initiative, guaranteed by the Ministry of Finance, to finance the payment of salaries and wages of workers in the tourism sector (at a declining interest rate of 5%), and to the subsequent amendments included in it extending the financing period for this tranche until December 2021 or the exhaustion of the allocated amount, whichever comes first, and extending the grace period until the end of June 2022, with the repayment of the first installment starting in July 2022 for a period of two years.

And in light of continuous follow-up of these initiatives and the desire to continue supporting the tourism sector and its workers to face the challenges facing the international market at the present time, it has been decided as follows:

First: Extension of the repayment period for the tourism sector financing initiative (guaranteed by the Ministry of Finance)

By extending the repayment period for the tranche allocated to the tourism sector (guaranteed by the Ministry of Finance) for an additional period of 3 years from the end of 2022 (in addition to the end of 2021) or the exhaustion of the allocated amount of 3 billion pounds, whichever comes first, with extending the grace period to end in June 2022 (in addition to the end of June 2022) for a maximum repayment period of two years.

And the repayment of the first installment begins in November 2023 (in addition to November 2022).

Second: Extension of the repayment period for the floating hotels and accommodation facilities initiative

By extending the repayment period for the floating hotels and accommodation facilities initiative (at a declining interest rate of 8%), until the end of December 2022 (in addition to the end of December 2021).

We would also like to emphasize the possibility of financing the conversion of tourism establishments into green establishments and the use of clean energy, including projects for introducing natural gas, as well as the cost of converting tourism vehicles of all categories to operate on natural gas, within the replacement and renewal initiative issued by the Central Bank at an interest rate of 8%.

Please accept our highest respect,

Tarek Amer