The Central Bank of Egypt has extended until March 2023 two initiatives supporting companies working in the tourism sector that were initially set to expire at the end of this year.

The CBE made the announcement in a circular sent to all banks operating in the local market on Sunday 25/12/2022.

The first initiative allows tourism companies to obtain loans and stipulates that the banks accept the beneficiaries’ requests to delay dues repayment to the banks.

The CBE also extended a second initiative meant to provide retail loans to the sector’s workers.

During the three-month period, the banks will be required to carry forward the dues on the initiative’s beneficiaries, particularly for loans obtained by workers for consumption and personal housing.

This action will benefit only those who were punctual in repayments according to their financial standing by end of September 2022, according to the circular.

Source: State Information Service Egypt