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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.
Amin Masoud, 42, looks on near his boat as he waits for tourists on the bank of the Nile river, in the port city of Luxor, south of Cairo Egypt December 14, 2016. Picture taken December 14, 2016. REUTERS/Amr Abdallah Dalsh - RTX2W49D

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.

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