Arab Finance: The Minister of Finance, Tourism and Antiquities announced, in statement Jointly launching an initiative to support the tourism sector, which includes making 50 billion pounds available Financing facilities for tourism companies, Facilitations in paying installments; With the aim of increasing the capacity of hotel rooms, giving priority to the governorates of Luxor, Aswan, Greater Cairo, the Red Sea, and South Sinai.
Ahmed Kjouk, Minister of Finance, said that the state’s general treasury contributes to financing support for the tourism sector to establish hotel rooms, provided that the return rate supported by the treasury is benefited for a period of 5 years from the date of the first withdrawal of the value of the financing facilities, pointing out that companies operating in the sector must Tourism, which wants to benefit from this initiative, sells 40% of its revenues in foreign currency to the financing banks.
Kajok stressed the government’s keenness to support the tourism sector, within the framework of financial policies that stimulate economic growth, and to continue providing cash liquidity to the business community. To enhance the growth of the private sector in the Egyptian economy.
Sherif Fathi, Minister of Tourism and Antiquities, indicated that this initiative is an important step to support and stimulate tourism investments, especially hotels, to accommodate the increase in the number of targeted tourist traffic. He explained that those wishing to benefit from these facilities will be allowed to apply over the course of a year, taking into account that it does not exceed The maximum financing limit for one client is one billion pounds, and the amount is 2 billion pounds in the case of “related parties.”
He added that the companies benefiting from this initiative will bear a low and decreasing return rate of 12%, provided that the withdrawal period does not exceed 16 months no later than the end of June 2026, pointing out that these companies will be given a period of 6 months after the end of the withdrawal period, to obtain the final operating license. Or temporary.
He pointed out that the number of applications submitted to benefit from this initiative has so far reached 96 applications who meet the initiative’s conditions.
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