Cairo – Mubasher: The board of directors of the Central Bank of Egypt (CBE) approved several amendments to its initiative related to financing the renovation of hotels, floating hotels, and transport fleet with 8%-interest loans.
The CBE raised the maximum funding limit to 90% of the total renovation cost instead of 75%, according to a statement on Wednesday.
Under the new amendment, credit guarantee companies will cover 70% of the credit risks instead of 60%, while banks will cover the remaining 30% instead of 40%.
Moreover, the CBE also approved amendments to its initiative for supporting the tourism sector by financing the payment of salaries of employees in the sector with 5%-interest loans worth EGP 3 billion.
The period of the initiative has been extended to the end of December 2021 instead of June 2021 and the grace period has been pushed to the end of June 2022 with the first installment to be paid in July 2022.
