CBE extends tourism support initiative for another three months

The Central Bank of Egypt (CBE) extended its 3 billion Egyptian pounds initiative aimed at supporting tourism and hospitality sectors in the face of the repercussions of the coronavirus (COVID-19) outbreak.

The initiative has been extended for another three months so that tourism companies will be able to receive emergency funding to pay wages for employees for up to six months, according to a statement on Tuesday.

In addition, companies will now have to allocate at least 40 percent of their loans to paying salaries, compared to a previous 85 percent. They can use the remaining funding to pay for maintenance and operational costs.

The Ministry of Finance issued a guarantee worth  3 billion pounds to the CBE in favour of national banks to offer loans to tourism establishments and hotels at a declining interest rate