NBE injects 1.250 bln pounds as part of CBE initiative for tourism

Egypt’s biggest lender, the state-owned National Bank of Egypt s has pumped funds of 1.250 billion( $70.7 million Egyptian pounds as part of Central Bank of Egypt initiative to support the renewal and replacement of hotels، floating hotels and tourist transport fleets, according to Deputy Chairman, Yehia Aboul Fotouh.

In February 2017,  Egypt’s central bank has launched an initiative to support the renewal and replacement of hotel, floating hotels and tourist transport fleets with a total investment of $ 5 billion pounds and a revenue of 10%.

Under the initiative, the CBE will fund 75% of the total cost of replacement and renewal works while the clients bear 25%.

The bank’s loans and credit facilities have recorded 400 billion Egyptian pounds by the end of October 2017, Aboul Fotouh added.