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Egypt Gives Loans to Tourism Institutions

Egypt Gives Loans to Tourism Institutions

Wednesday, 25 March, 2020 - 09:30
An employee counts money at an exchange office in downtown Cairo June 5. REUTERS/Amr Abdallah Dalsh
Cairo - Asharq Al-Awsat

The Central Bank of Egypt (CBE) has provided loans to tourism institutions with repayment terms of up to two years and a six-month grace period in an effort to help pay salaries and support suppliers and maintenance work.

The move falls in line with the government’s decisions to protect the sectors most effected by the outbreak of the COVD-19 disease.

The CBE allocated EGP50 billion to companies and tourism establishments wishing to renovate and develop hotels and tourist buses, with an interest rate of eight percent calculated on a declining basis.

This initiative will benefit hotels, travel agencies, tourist reservation companies, tour firms, land and air tourist transportation, restaurants and recreational activities in tourist areas and tourist projects.

Minister of Finance Mohamed Maait showcased Tuesday a report on preventative measures endorsed at customs crossings in line with the state’s efforts to contain the coronavirus outbreak.

Head of Egyptian Customs Authority Kamal Najem has affirmed full cooperation between the authority and relevant state institutions to guarantee the best preventative measures in line with international standards.

All packages coming from countries with coronavirus outbreaks should be referred to the quarantine department in ports, and containers should be sanitized before going through the usual procedures.

Najem stated that a follow-up committee has been formed to raise awareness, take required precautionary measures and provide medical needs including sanitizers.

Moreover, the Ministry of Electricity and Renewable Energy announced several options to pay power bills online.

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