The Egyptian Tourism Ministry will sign on Monday a cooperation protocol with the National Bank of Egypt (NBE), Egyptian Hotel Association, and the Solar Energy Development Association (SEDA) in the framework of the energy initiative, said Hesham Zazou, Egyptian Minister of Tourism Zazou stated that the protocol aims to provide the funds necessary for some hotels (four and five stars) in Red Sea and South Sinai in order to change them into green hotels. He referred that shifting to the green economy is a global one that helps the Egyptian tourism in general, and works as a marketing tool in particular. It is noteworthy that the National Bank of Egypt (NBE) aims to finance 300 hotels in Red Sea governorate. The cost of the venture depends on the hotel's capacity and its use for the green energy, said Zazou; referring that financing the 500-room hotel, which needs energy, reaches EGP 5.5 million.
