The Central Bank of Egypt (CBE) extended on Sunday its initiative to support companies operating in the tourism sector for additional three months, ending in March 2023. The initiative, which allows companies to obtain loans with a decreasing 8% interest rate, within which the banks will accept the beneficiaries’ requests to delay dues repayment to the banks. The CBE also extended the retail loan initiative for workers in the tourism sector to March 2023. Those initiatives covered by the decision included the mortgage finance initiatives for low and middle-income people, the tourism support initiative, the obsolete vehicle replacement initiative, and the modern irrigation initiative. The decision did not include other initiatives for the private sector, industry, and small and medium enterprises.

Source: Daily News Egypt December 26, 2022 10:49 UTC