Egypt’s CBE amends tourism support initiative

The Central Bank of Egypt (CBE) amended some provisions of its tourism support initiative guaranteed by the Ministry of Finance.

The second clause which provides for the payment of the salaries of employees in the tourism sector for a six-month period starting from the date of the provision of credit facilities to customers has been amended to include a maximum limit of 30 million Egyptian pounds per customer and 40 million pounds per customer and associates and the six-month period was removed.

A new amendment has been added stipulating that the initiative will end after the allocated amount ( 3 billion pounds) is exhausted or by June 2021, whichever is closer. The grace period has been extended to the end of December 2021 from June 2021.