Egypt's CBE allocates EGP 50 billion to support tourism sector

The Central Bank of Egypt (CBE) announced on Sunday a large financing plan to support the tourism sector, which includes increasing the value of its initiative to renovate and develop hotels from EGP 5 billion to EGP 50 billion.

 

The CBE said in a statement that the plan involves the renewal and extension of the current tourism initiative to 31 December 2020, in addition to exempting tourism sector debt defaulters from before 2011 from marginal benefits.

 

The initiative also involves the exemption of travel companies, including those in Taba, Nuewiba, and Saint Catherine cities in South Sinai, from marginal benefits and 50 percent of debts.

 

CBE Governor Tarek Amer stated that the initiative was formed upon directives from President Abdel-Fattah El-Sisi to support the tourism sector as a main source of income, job opportunities and nourishment for other industries.