The Central Bank of Egypt’s (CBE) board of directors made a decision to extend its initiative to aid the tourism sector before end of December 2019.
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According to the CBE, during this time period all applications to postpone dues to banks will undoubtedly be accepted for an interval up to 3 years.
The CBE has launched this initiative on 23 February 2016 and was extended twice, in December 2018 since it was because of end.
The bank also made a decision to extend its retail lending initiative to the tourism workers, december 2015 that was launched in 7, in December 2019 aswell to end.
During this era, the banks can defer dues for loans of people employed in the tourism sector which were obtained for consumption and mortgage purposes, for yet another period of half a year.
This only applies the clients who have been paying their dues on regular basis until 30 September 2018. The banks shall not calculate any penalty interest for that period.
The CBE stressed that it pays great focus on the tourism sector due to the importance to the national economy as vital way to obtain forex.