Cairo – Mubasher: Egypt announced the launch of a new initiative to support tourism and hospitality sectors in face of the repercussions of the coronavirus (COVID-19) outbreak.
The initiative aims at helping businesses in the tourism and hospitality sectors, including small- and medium-sized enterprises (SMEs) to meet their necessary operating expenses and pay the salaries of their employees, finance minister Mohamed Maait said in a statement on Monday.
The Ministry of Finance will issue a guarantee worth EGP 3 billion to the Central Bank of Egypt (CBE) in favour of national banks to offer loans to tourism establishments and hotels at an annual interest rate of 5% over three years with a one-year grace period starting from the 1 May until the end of April 2021.
Loans will be repaid in monthly installments over two years. The establishment’s operating expenses shall not exceed 15% of the value of the loan.
