Cairo – Mubasher: The Egyptian Ministry of Finance approved the issuance of credit guarantees worth EGP 3 billion for the Central Bank of Egypt (CBE) to support the tourism sector.
The CBE’s board of directors will provide EGP 3 billion out of the total EGP 50 billion allocated for renovating tourism establishments in order to help tourism companies cover wages, according to a statement on Wednesday.
The initiative allows tourism facilities to receive loans with a declining interest rate of 5% under the directives of the Egyptian President to support the sectors most hit by the coronavirus (COVID-19) pandemic.
The Credit Guarantee Company will cover the banks against the risks related to the funding provided to the tourism sector.
