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.
