Cairo – Mubasher: The National Bank of Egypt (NBE) will pump EGP 800 million funds into the development of seven hotels in South Sinai.
This step is a part of the Central Bank of Egypt’s (CBE) initiative to bolster the tourism sector in Egypt.
The three tourism firms owning the seven hotels have obtained seven-year loans, NBE’s deputy chairman Yehia Abu El-Fotouh told Almal News.
In November 2016, the CBE had allocated EGP 5 billion in the framework of an initiative to support Egypt’s tourism sector.
