The Central Bank of Egypt (CBE) said that a new initiative to support the tourism sector by the ministries of tourism and finance is currently under consideration, pending the approval of the Cabinet.
CBE stated that the current initiative to support the sector was eliminated by the Cabinet; hence, banks must refrain from providing any new financing in the framework of the old initiative.
It said that this step was taken in accordance with the Cabinet’s decision No. 4151 of 2022. It stipulated that the Ministry of Finance follows up on new (and future) initiatives, and any amendments to be made, according to the controls in the decision.
Source : Zawya