Egypt launches mutual fund to restructure hotel establishments: governor

Egypt has launched a new mutual fund designated to renew and renovate the hotel establishments in the country, central bank governor Tarek Amer announced Sunday.

The new fund is at initial capital of 5 billion Egyptian pounds ($264 million), Amer said during his meeting with tourism investors of South Sinai.

The fund will secure borrowing at 10 percent interest rate, he added.