Central Bank of Egypt gives $128mln to support tourism

CAIRO: The Central Bank of Egypt has issued 2 billion Egyptian pounds ($128 million) in tranches to support the tourism sector.

According to a statement by the bank, the first tranche will start with an amount of 1 billion Egyptian pounds for the Credit Risk Guarantee Company. This is to ensure the balances of the guarantees issued by the company for banks, to cover part of the associated risks and to finance tourism companies.

The statement said that the move comes within the initiative to replace and renew land hotels, floating hotels and tourist transport companies. It does not include the 3 billion Egyptian pounds that was allocated from the Ministry of Finance’s initiative.

 

Source: https://www.zawya.com/mena/en/economy/story/Central_Bank_of_Egypt_gives_128mln_to_support_tourism-SNG_201227310/

 

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