Egypt to launch subsidized loans initiative for hotel rooms expansion

The Egyptian ministries of tourism and finance have agreed to launch a financing initiative that would provide subsidized loans at a 12% interest rate to local and international investors seeking to establish more hotel rooms across the country, Al Mal News reported, citing sources in the know.

This move aims to encourage investing in the Egyptian tourism sector, the sources added.

It is worth noting that the number of hotel rooms, regular or floating, added during the first quarter (Q1) of 2024 in Egypt was 4,012, which brings the country’s total hotel capacity to 222,716 until last March.