Egypt’s tourism & antiquities min. discusses initiative launched by CBE to support tourism sector

CAIRO - April 29 (MENA) – On April 29, Egypt’s Minister of Tourism and Antiquities Khaled el-Enani held a meeting with Deputy Governor of the Central Bank of Egypt (CBE) Gamal Negm, to discuss an initiative recently launched by the bank to support the tourism sector, amid the coronavirus crisis.

This initiative included the allocation of EGP 50 billion to revamp hotels, tourism institutions and the fleets of tourism transport, as well as a sum of EGP 3 billion to fund wages and maintenance costs.

In a statement released on Thursday, the Tourism Ministry said the meeting  aimed at removing all obstacles facing tour operators and hotels to benefit from this initiative.

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 coming period, while offering further facilitation to the tourism sector, through the Credit Guarantee Company (CGC), the statement added.

Those credit facilitations are granted in the light of expectations that the tourism sector would recover from the crisis in 2021, the statement noted.