Circular dated June 29, 2020 amending some provisions of the tourism initiative issued under the guarantee of the Ministry of Finance

Cairo: June 29, 2020

To: Mr. Chairman of the Board
Bank Tahya
Greetings,

With reference to the circular dated June 16, 2020, regarding the financing initiative for repaying salaries and wages of workers in the tourism sector and basic maintenance and operating expenses, guaranteed by the Ministry of Finance through the commitment issued by the Central Bank to the Credit Risk Guarantee Company.

And in light of monitoring the actual implementation of this initiative and with the desire to facilitate procedures and provide more flexibility to achieve maximum benefit from it under the current circumstances, the following has been decided:

1. Amendment of Item 2(a) regarding the repayment of dues for workers in the tourism sector from salaries and wages for three months starting from May 2020, conditional on the client providing proof that May salaries were indeed not paid. It becomes: Repayment of dues for workers in the tourism sector from salaries and wages for three months starting from the date credit facilities are granted to clients.

2. Amendment of Item 4 regarding the repayment period: Two years (including a one-year grace period during which there is a three-month drawdown period).
   It becomes: Facility duration: Three years (including a one-year grace period inclusive of a three-month drawdown period, and repayment over two years after the grace period).

3. Cancellation of Item 12, which states: "Obtaining what indicates that companies receiving financing did not reduce the number of employees or reduce wages during the period from the end of December 2019 until the present date, through the accountants registered with the Central Bank."

Please accept our highest regards,

Tarek Amer