Three Egyptian Banks To Grant Hotel In Taba Loan Worth EGP4 Mln

Egyptian Arab Land Bank (EALB), Banque Du Caire and Al-Watany Bank of Egypt-Awb have agreed  to grant tourist hotel in Taba with around EGP 4 million.

Senior source in loan arrangers of banks said the three banks agreed to grant the loan to the hotel in order to pay their debts, pointing out that Banque du Caire and EALB are shareholders and debtors for the hotel.

The sources explained that the banks postponed the premiums of Tourism sector clients according to the instructions of the Central Bank of Egypt (CBE) , which issued recently in line with the current unrest economic situation in Egypt, noting that the delay will be reviewed by the end of this year.

The number of tourists reached around 969 thousand within last May, most of them from European countries by 70%, while the number of tourists declined by 12% in compared with April 2013, according to the latest statements of CBE.