Banks operating in the Egyptian market are waiting for the signal from the Central Bank of Egypt (CBE) to include the tourism sector in the initiative to support industry, which would increase its value to EGP 160bn. Last January, the Cabinet approved the general framework of the initiative to support the industrial and agricultural sectors. It aims to reduce the interest rate on loans provided to the two sectors, within the framework of continuous support for them and their activities. He pointed out that the state treasury will bear more than EGP 13bn annually and the interest rate difference. In addition to that, the instructions of CBE specified the interest rate considered the basis for calculating the compensation of banks for the interest rate difference at the credit and discount rate of decreasing 1%.
