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FINANCIAL NEWS
Egypt’s CBE launches initiative to help renovation of hotels
08 Feb 2017
(MENAFN) The Central Bank of Egypt (CBE) launched an initiative to aid the renovation of hotels, floating hotels and tourism fleets at EGP5bn worth.
Accordingly, the bank comes as part of its interest towards the tourism sector since 2013, while many initiatives were posed as a result of current talks held with tourism investors.
In addition, the renovation and renewal must abide by the new standards and specifications of the Ministry of Tourism.
Moreover, banks will finance almost 75 percent of the whole cost of renovation and renewal, whereas clients will bear the remaining 25 percent.
MENAFN0802201700450000ID1095241126
MENAFN0802201700450000ID1095241126
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