The Central Bank of Egypt (CBE) launched Monday a new initiative to support workers in the tourism sector. The initiative allows banks operating in the domestic market to postpone the premiums for consumer and mortgage loans obtained by workers in the tourism sector. The postponement would last for six months, starting from October, with no delay fees applied during that period. In a statement on Monday, the CBE highlighted the importance of not classifying such loans as irregular loans because of defaulting on premiums. The statement said this is due to the exceptional circumstances wherein defaulting during the six-month period is due to emergencies. The CBE requested that banks verify the data submitted by the clients in the tourism industry, especially with regards to their current occupations. According to the CBE statement, this decision applies to those employed in hotels, tourism projects, travel and tour agencies, as well as workers in tourism transport, restaurants, cafes and recreational activities in tourist areas. The CBE called on banks wishing to partake in the initiative to send prior notification.
