CBE Announces EGP50 Bln Funding Plan for Tourism Development

The Central Bank of Egypt (CBE) announced Sunday that it would launch an EGP-50-billion funding plan for developing the tourism industry.

This came during CBE Governor Tarek Amer's meeting with South Sinai Governor Khaled Fouda, representatives of the banking sector, and tourist associations and chambers, and hotel owners, as well as investors, on the sidelines of the World Youth Forum in Sharm El Sheikh, according to the bank's statement.

The one-year plan, set to end in December 2020, includes writing off part of the interest paid on debts which defaulters in the tourist sector owe to banks.

During the meeting, the attendees agreed on increasing the allocated money from EGP 5 billion to 50.

They reviewed ways of boosting the tourism industry to benefit from the increasing growth rates, which are achieved by the sector.

The plan comes within the framework of President Abdel Fattah El Sisi's directives to shore up the tourism industry, which plays a key role in bolstering the national economy and securing jobs, the statement quoted Amer as saying.

Amer pointed out: "Whenever the trust between the tourism makers and the Egyptian sector, the bank's support will continue and increase."

Meanwhile, the representatives and hotel owners highly appreciated President Sisi's paying attention to the tourism sector and endeavor to promote it globally, thanking CBE for its quick response for supporting the tourism industry.