CBE: Low-interest loan Initiatives to Support Tourism Sector Canceled

In a statement issued today, the Central Bank of Egypt revealed the update on the decision by the Cabinet to approve the cancellation of the low-interest loan initiatives aimed at supporting the tourism sector.

CBE specified that any new funding within the framework of the mentioned initiative should be halted. It's worth noting that a new initiative is under consideration, to be launched in coordination between the Ministries of Finance, Tourism, and Antiquities to support this sector, subject to approval from the Cabinet.

The bank also clarified that the Ministry of Finance will be responsible for managing and monitoring future initiatives or any modifications to existing initiatives in accordance with the regulations and provisions outlined in the decision, following approval from the Cabinet.