Egypt’s central bank supports tourism sector amid COVID-19

On Tuesday, Deputy Governor of the Central Bank of Egypt (CBE) met with Gamal Negm Egypt’s Minister of Tourism and Antiquities Khaled el-Enani, to discuss an initiative recently undertaken by the bank to support the tourism sector, amid the coronavirus catastrophe.

Following the directives of President Abdelfattah El-Sisi, to support economic sectors, the Egyptian authorities adopted the initiative which, included the allocation of EGP 50 billion to renovate and improve hotels, tourism institutions and the fleets of tourism transport, as well as a sum of EGP 3 billion to fund wages and maintenance costs.

With sufficient data and proper economic evaluation from CBE, more financial facilities for tourism workers could be included in the initiative.

In the same context, the meeting focused on the part played by banks in assisting tourism companies and hotels with getting access to all the necessary funding during the upcoming days.

Contributed by Ahmed Emam

[caption id="attachment_235407" align="alignnone" width="938"] Egypt’s central bank supports tourism sector amid COVID-19[/caption]

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