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Central Bank of Egypt Raises Tourism Support to 50LE Billion

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Central Bank of Egypt Raises Tourism Support to 50LE Billion
    written by
    Mariam Nowar

    (Image credit: Safareya)


    The Central Bank of Egypt (CBE) has announced on Sunday that they had increased their support for the tourism industry from 5LE billion to 50LE billion. The initiative to develop Egypt’s tourism sector will be extended until the 31st of December, 2020.

    The CBE’s Governor, Tarek Amer, stated that the tourism industry supplied the country with plenty of job opportunities, which also helps related businesses flourish. “The deeper the trust between the tourism industry and the Egyptian sector, the more the support will increase and continue,” Amer said, according to Egypt Independent.

    A meeting took place in Sharm El Sheikh between individuals in tourism such as tourism associations, investors, hotel owners, along with Amer and his deputy, Jamal Najm. This meeting was arranged by South Sinai Governor, Khaled Fouda, who discussed the importance of boosting the tourism industry and thereby increasing foreign income.

    According to Daily News, the Chairperson of the Egyptian Hotel Association (EHA), Maged Fawzy, said that the organisation will be helping its members apply for soft loans under the initiative’s umbrella. “About 20 floating and fixed hotels in Luxor, Aswan, South Sinai, and the Red Sea have benefited from the CBE’s initiative, taking loans to renovate their facilities,” said Fawzy.

    Chairperson of the EHA in the Red Sea, Alaa Akel, added that there was an adverse impact after the travel bans to Sharm El Sheikh. Hotels in this region will be the primary focus for renovation so that the overall tourism rates can improve. He also revealed that the resumption of flights to Sharm El Sheikh will reflect a full recovery on Egypt’s tourism within the next three seasons.