Egypt approves financial support plan for tourism sector – CBE

The Egyptian Cabinet approved a financial support initiative for the tourism sector to promote growth and stability, as per a report released by the Central Bank of Egypt (CBE) on Sunday.

Maximum financing per client is one billion Egyptian pounds, with a combined limit of two billion pounds for a client and related parties, except in special cases. Client data will be stored electronically at the CBE for oversight.

Based on a letter signed by the Ministry of Finance and addressed to the CBE, the Ministers of Finance and Tourism and Antiquities may exclude specific clients from the maximum limit for strategically significant projects.

The initiative’s maximum financing limit is 50 billion pounds or the facilities allocated within one year as of the launch date, whichever is earlier, according to the CBE’s statement.

The maximum withdrawal period is 16 months from the date of the first withdrawal or June 30, 2026, whichever comes first. A grace period of six months is provided to allow companies to obtain the necessary operating licenses.

Attribution: Central Bank of Egypt statement

Subediting: M. S. Salama