Hospitality News Middle East

USD 263 MILLION FUND TO DEVELOP TOURIST FACILITIES IN EGYPT

- Cbe.org.eg

The governor of the Central Bank of Egypt (CBE) announced the launch of an USD 263 million (EGP 5 billion) fund to help investors develop and upgrade tourist facilities, including hotels, resorts and Nile boats, nationwide. The financing will be in the form of loans with a 10 percent interest rate. In order to be eligible, the applicant must own at least 30 percent of the property. Tourism in Egypt has been struggling since Russia and a number of European countries suspended passenger flights in late 2015. Egypt's tourism revenue dropped by 49 percent to USD 3.8 billion in 2015/16 from USD 7.4 billion in 2014/15, according to CBE. The challengin­g economic climate prompted the central bank to extend its initiative to support the tourism sector, including more flexible economic measures on payments. The bank is currently considerin­g delaying loan payment deadlines for the sector to December 2018.

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