CBE offers 2-year loans to hotels with 6-month grace
The Central Bank of Egypt (CBE) offers two-year loans for hotels and touristic establishments with a six-month grace to pay salaries of workers and to fulfil other obligations, such as maintenance work.
Recently, CBE launched an initiative to support the local tourism sector in the country, allocating 50 billion pounds for financing tourist companies and facilities with aim of replacing and renovating hotels at a decreasing interest rate of 8 percent.
The CBE added another article to the initiative that makes banks grant credit facilities with a maximum two-year repayment period and six-month grace starting the date of granting during which banks can capitalise unpaid interests.
Hotels and tourism projects will benefit from this initiative excluding those for sale, travel agencies, tour operators, land and air touristic transportation, restaurants, and recreational activities in touristic areas.