Egypt sets up new fund to revive tourism industry
The Central Bank of Egypt has set up a new fund to revive its ailing tourism industry, and experts are upbeat about the outlook of tourism in 2017.
Egypt has set up a new fund worth 5 billion Egyptian pounds ($267 million) to upgrade hotels, tourist resorts and Nile floating boats across the country as part of efforts to revive its ailing tourism industry.
The new fund, which was announced by the Central Bank of Egypt (CBE) on Dec. 26, would finance maintenance and upgrades at hotels, tourist resorts and other tourism facilities with an interest rate of 10%. The CBE also decided to extend the grace period for tourism investors to pay their debts until 2018.
Funds would also be offered to investors in accordance with a set of rules, including the investor’s level of seriousness and the benefits that will increase tourism flow to the country.
The new measures came after a meeting between Central Bank Governor Tarek Amer and tourism investors in South Sinai during which perils of investment in the tourism sector were discussed. During the meeting, Amer promised to solve the problems Egyptian investors face in the tourism industry in order to give a push to the staggering sector.
