The Central Bank of Egypt (CBE) announced on Sunday (December 25) that it has extended two initiatives supporting the tourism sector through March 2023. The initiatives were initially set to expire at the end of this year. The first initiative allows companies to obtain loans with a lower interest rate, within which the banks will accept the beneficiaries' requests to delay due repayment to the banks.
The initiative was first launched in 2013 and amended in 2021 to support the sector amid the severe impacts of the COVID-19 pandemic. The second initiative that was extended aims to provide retail loans to the sector's workers.
During the three-month period, the banks will be required to carry forward the dues on the initiative's beneficiaries, particularly for loans obtained by workers for consumption and personal housing. This action will benefit only those who were punctual in repayments according to their financial standing by the end of September 2022.
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