Regulatory Alerts2020-11-03
Added · Updated
Circular dated November 2, 2020 amending some provisions of the tourism initiative issued under the guarantee of the Ministry of Finance
The Central Bank of Egypt extends the wage repayment period under the tourism initiative from three to six months, allowing existing beneficiaries to receive additional funding for three extra months. The minimum allocation of loans for insured employees' wages is increased from 85% to 40%, and the monthly cap per employee is raised from 10,000 to 15,000 Egyptian pounds. The circular also reiterates the validity of the March 23, 2020 initiative, noting that some banks have stopped granting financing under its framework without central bank instruction.