CBE introduces new amendments on tourism workers support initiative

The Central Bank of Egypt (CBE) amends to its recently-launched tourism support initiative which provide aid to the sector workers, issued in cooperation with the Ministry of Finance.

The initiative allows tourism companies to obtain soft loans to cover wages of their employees for three months, the CBE said.

The amendments was made on Article 2, covering the payment of salaries for tourism sector workers for a period of three months which was extended to start from the date of facility payment instead of May 2020.

The CBE has also amended Article 4 of the initiative, which includes a two-year repayment period, with a general grace period, and a three-month withdrawal period.

In addition, Article 12 of the initiative has been modified, the article stipulated that evidence must be presented that companies have not reduced employee numbers or wages during the period from late December 2019 to date.