Banks wait for signal to include tourism in industry support initiative in Egypt

Banks wait for signal to include tourism in industry support initiative in Egypt

Banks operating in the Egyptian market are waiting for the signal from the Central Bank of Egypt (CBE) to include the tourism sector in the initiative to support industry, which would increase its value to EGP 160bn.

Prime Minister Mostafa Madbouly directed that the tourism sector be included in the initiative, which currently includes the industrial and agricultural sectors, in the framework of expanding the base of beneficiaries of this initiative.

Madbouly and the Minister of Finance have agreed to allocate EGP 10bn for the tourism sector as part of this initiative, bringing the total financing to EGP 160bn for the targeted productive sectors, which would help them increase their business volume and expand production.

Last January, the Cabinet approved the general framework of the initiative to support the industrial and agricultural sectors. It aims to reduce the interest rate on loans provided to the two sectors, within the framework of continuous support for them and their activities.

According to the initiative, EGP 150bn has been allocated, including EGP 140bn to finance working capital operations, and EGP 10bn to finance the purchase of capital goods, at a decreasing interest rate of 11%, provided that the Ministry of Finance bears the difference in the interest