A number of tourism investors considered the sudden government decisions to increase electricity prices and the interest rate on loans as one of the most important factors that affect the sector negatively, halting tourism investments in the coming period. Naguib stressed that the high interest rate makes the investor unwilling to inject investments or establish new projects. Kamel Abu Ali, chairperson of Albatross Holding for Tourism, asserted that investors are fully aware of the new increase in electricity prices, but they did not know the rates. He stressed that the tourism sector needs support, and what is happening now demolishes the whole sector. Mohsen called for applying the Central Bank of Egypt’s (CBE) initiative to provide EGP 5bn for the private tourism sector at an interest rate of 10% over 15 years.

Source: Daily News Egypt July 13, 2017 06:33 UTC