CAIRO – The National Bank of Egypt (NBE) will reschedule debt installments for travel companies for a year ending in June 2012, Tareq Amer, the bank's Chairman and the head of the Federation of Banks, has said. The State-owned lender will reduce delay interest and fines for moratorium until tourism gets back to normal, Amer said, stressing that "the NBE won't let down cash-strapped customers or be resonsible for sending anyone to jail". "The bank will provide serious customers with all possible facilities," he said. Amer added the bank would also finance serious construction projects to create more jobs, boost the inflow of foreign invesments into the country. "The bank will keep funding cash-strapped projects until they are completed through an advisor. Investors will be allowed to get credit to pay salaries of workers in the travel sector, which has taken a strong blow since the beginning of January 25 revolution," Amer explained. The bank will give the diving chamber LE150,000 ($25,200) to save the coral reefs as requested by Asharf Luxor, the head of Diving Chamber. Ahmed Balbaa, the Chairman of the Tourism Committee, which is affilitaed with the Egyptian Businessmen Association, thanked Amer for his relentless efforts for supporting the Egypt's tourism industry in its current slump. Balbaa said Amer's decisions would have a positive impact on investing in the travel industry in the coming years.
