NBE pumps 1.4 billion pounds in CBE tourism initiative

The Chairman of the National Bank of Egypt (NBE) Yehia Abu Fotouh said the bank has increased the credit facilities directed to the tourism sector to 1.4 billion Egyptian pounds (US$79 million) as part of the Central Bank of Egypt’s (CBE) initiative to bolster the tourism sector in Egypt.

The Central Bank of Egypt (CBE) launched an initiative to subsidise the renovation of hotels, floating hotels, and tourism fleets.

Through the initiative, banks will secure EGP 5bn with an interest rate of 10%, extending over a maximum period of 10 years, according to the credit study conducted on each client separately.

Abu Fotouh added that has registered 420 billion Egyptian pounds of which 40 billion pounds directed to small and medium enterprises.