Central Bank of Egypt extends Initiative to support Tourism Industry

Egypt’s Central Bank (CBE) has decided to extend the tourism sector support initiative for the third time for a year to end in June 2016 instead of June 2015.

The CBE launched the initiative, in March 2013, as part of its efforts to re-energize the constrained economy and shore up the battered tourism sector.

Through the initiative, CBE provides financing facilities to tourism-related activities, including the construction of hotels and tourist projects, travel agencies and booking services, land transport companies, restaurants and other entertainment activities.

The initiative targets regular and non-regular customers.

Moreover, the initiative is designed to allow banks to restructure outstanding loans due from hotels and resorts, tour operators, tourist land transportation services, and touristic restaurants through extending payment terms and cutting interest rates without classifying the loans as non-performing loans.