NBE receives EGP 1.5 bn of loan requests for CBE’s hotel renovation initiative

The National Bank of Egypt has received loan requests worth a total of EGP 1.5 bn as part of the CBE’s initiative to provide affordable financing for the tourism industry, NBE Vice President Yehia Aboul Fotouh said, Al Borsa reports. The bank will review the loans and decide which ones will be approved within the next few months, according to Aboul Fotouh. Under the CBE’s initiative, banks will offer combined funding of EGP 5 bn in loans at rates of no more than 10% for up to 10 years. The initiative aims to make funds available for hotel renovations and the overhaul of the tourism industry’s fleet of cars, buses, and other vehicles.