NBE Mulls Lending Two Tourism Companies EGP 350 Mln

By Administrator On May 23, 2013

The National Bank of Egypt (NBE) considers granting two loans worth EGP 350 million to two tourism companies.

A source said the bank will discuss whether to lend the two companies or not in the next meeting of the executive committee. NBE largely supports tourism as it delayed loan repayment installments for many of the customers working in the sector in accordance with the Central Bank of Egypt’s initiative.

The tourism sector needs to by backed by the country’s institutions and banking system in the upcoming period in order to flourish. Tourism is one of the country’s main foreign currency resources.