Central Bank of Egypt to grant 2-year loans to tourism facilities

Mar 30, 2020 | Ecofin Agency

In a March 24 statement, the Central Bank of Egypt (CBE) announced it will grant 2-year loans to tourism establishments with a grace period of 6 months. CBE wants to help them pay the salaries of employees and their obligations towards suppliers and maintenance works on tourist activities, amid the current covid-19 pandemic.

“This measure will not cover sale, travel agency services, reservations, tourist trips, land tourist transport, restaurants, recreational activities in tourist areas, and air transport for passengers,” CBE said.

This measure aligns with that of President Abdel Fattah al-Sissi in providing the necessary support to the sectors most affected by the coronavirus pandemic, including an initiative for workers affected by losses in the tourism sector, by financing hotels up to EGP50 billion ($3.2 billion).

Egypt is currently the second most affected country in Africa, from the coronavirus pandemic, with 456 confirmed cases of Covid-19 recorded to date.

Source: Ecofin Agency