Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt exports first high-tech potato seeds to Uzbekistan after opening market    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    Egypt welcomes 25-nation statement urging end to Gaza war    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    58 days that exposed IMF's contradictions on Egypt    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



CBE extends two tourism support initiatives to March 2023
Initiative allows postponement of debt payment
Published in Daily News Egypt on 26 - 12 - 2022

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 Tourism and Antiquities Support Fund or the Ministry of Tourism and Antiquities shall compensate banks for the interest rate difference, up to a maximum of EGP 50bn, while raising the interest to a decreasing 11% instead of 8%.
The value of compensation in that initiative is calculated on the basis of "the amount used under the initiative x the credit and discount rate plus 2% minus 11% decreasing."
The initiative was first launched in 2013 and amended in 2021 to support the sector amid the severe impacts of the COVID-19 pandemic.
The CBE also extended the retail loan initiative for workers in the tourism sector to March 2023.
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
Last November, Prime Minister Mostafa Madbouly decided that the Ministry of Finance would manage and follow up on all existing initiatives instead of the Central Bank.
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.
According to the decision, the Central Bank shall, on a monthly basis, provide the concerned authorities and the Minister of Finance with all data and information related to each initiative, through reports agreed upon with those authorities every three months starting from November 2022.


Clic here to read the story from its source.