NBE approves EGP 800 mn in loans as part of the CBE’s tourism rescue initiative

The National Bank of Egypt (NBE) has approved EGP 800 mn in funding to refurbish seven hotels in South Sinai as part of the CBE’s tourism rescue initiative, NBE Vice Chairman Yehia Aboul Fotouh tells Al Mal on Sunday. The bank has also approved restructuring the debts of the three unnamed tourism companies which operate the hotels, with loan repayments pushed back by as much as seven years, he added. The CBE had set a target of EGP 5 bn in loans to the sector to help upgrade facilities. The initiative was launched in 2013 during some of the worst years of the tourism sector.