CBE launches initiative to finance hotel renovations

Elsewhere, the CBE has launched an initiative to provide affordable financing for the tourism industry, urging banks to make funds available for hotel renovations and the overhaul of the tourism industry’s fleet of cars, buses and other vehicles, Al Masry Al Youm reported. Banks will offer combined funding of EGP 5 bn in loans at rates of no more than 10% for up to 10-years. Companies dipping into the financing will need to commit to sourcing 75% of the building materials used in renovations from domestic producers. The CBE says banks will cover up to 75% of the cost of any individual project.