CBE launches EGP5bn initiative to support tourism sector
Central Bank of Egypt (CBE) announced a new initiative to support renovation of hotels, floating hotels, and tourism fleets. Under the initiative, banks will provide a total EGP5bn with an interest rate of 10%, over a maximum period of 10 years, with the condition that the main purpose of the financing must be for renovation and revamp of hotels, floating hotels and tourism fleets. However, financially-troubled tourism customers were excluded from the initiative. (Al Mal)
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