Cairo – Mubasher: The Central Bank of Egypt (CBE) decided to extend its earlier initiative to boost the battered tourism Egyptian sector to February 2018, said an official press statement.
The banks will accept any requests from the tourism agents to delay the due dates of the funds they obtained from banks up to three years.
CBE will provide financing facilities to tourism-related activities, including the construction of hotels and tourist projects, travel agencies and booking services, land transport companies, restaurants and other entertainment activities.
The initiative is directed at performing and non-performing customers, excluding debtors of restructured and disputed loans.
The facilities to be provided by the banks include granting customers a maximum grace period of one year, whereby all pending payments are added to the original loan amount and customers are exempted from late payment fees.
