Arab Finance: The Central Bank of Egypt issued Regulations governing the tourism support initiative Approved by the Council of Ministers and funded by the Ministry of Finance, according to a circular from the Bank.
According to the regulations, the maximum financing limit for each company is one billion pounds, and 2 billion pounds for financing the company and its affiliated entities with facilitation of no more than two banks.
The maximum financing for the initiative is 50 billion pounds or the facilities allocated within one year from the launch date, whichever comes first, provided that the period of withdrawal from the initiative does not exceed 16 months as of the date of the first withdrawal or June 30, 2026, whichever comes first.
Funds are also directed to companies operating in the tourism sector after obtaining the approval of the Ministry of Tourism and Antiquities.
The regulations also stipulate that beneficiaries pay a decreasing interest of 12%, while the Ministry of Finance is responsible for covering the interest distributed within the framework of the initiative.
The beneficiary companies also sell 40% of their revenues in foreign currency to the relevant banks.
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