Egypt’s NBE signs a EGP 393m financing deal to renovate Sofitel Winter Palace

The National Bank of Egypt (NBE) has signed a long-term investment financing deal  valued at EGP 393 million with the Egyptian General Company for Tourism and Hotels (EGOTH) to finance renovations of the Sofitel Winter Palace Hotel in Luxor.

The NBE will contribute 75% of the total investment costs of EGP 524 million, with a financing period of twelve years.

The loan comes within the framework of the Central Bank of Egypt's (CBE) initiative to finance the replacement and renewal of hotels, floating hotels, and tourist transport fleets.

Yehia Aboul Fotouh, deputy chairperson of the National Bank of Egypt (NBE) said that the loan comes within NBE’s framework to continuously support Egypt’s tourism sector, being a key source of foreign currencies.

The project aims to replace and renew the palace according to the latest standards of modern hospitality, while preserving the building’s archaeological and architectural character, as part of the Egyptian state’s plan to develop all historical buildings nationwide.

Head of EGOTH, Sherif Bendary, applauded the continuous cooperation with the NBE and its remarkable role in providing necessary funding to firms to upgrade hotels, achieving the strategy of Egypt's tourism sector.