{"id":565966,"date":"2021-05-19T13:43:44","date_gmt":"2021-05-19T13:43:44","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/19\/more-help-for-the-tourism-industry\/"},"modified":"2021-05-19T13:43:44","modified_gmt":"2021-05-19T13:43:44","slug":"more-help-for-the-tourism-industry","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/19\/more-help-for-the-tourism-industry\/","title":{"rendered":"More help for the tourism industry"},"content":{"rendered":"

<\/a> Subsidized loans designed to help tourism companies fund capex can now <\/strong>cover up to 90% of a project\u2019s renovation costs<\/strong>, up from 75% under the ongoing EGP 50 bn tourism support program<\/a>, according to a CBE circular (pdf)<\/a> published today. Tourism companies can use the facilities to fund a larger portion of spending needed to expand hotels or add buses and other vehicles to their fleets.<\/p>\n

Opex program gets extended: <\/strong>A parallel initiative giving operators access to 5% interest loans to cover wages, maintenance expenses, and operating costs will also now run its course on 31 December this year after having been previously scheduled to end on 30 June<\/a>. The central bank had extended<\/a> a helping hand to those companies at the onset of the pandemic to cover wages, commitments to suppliers, and maintenance besides an original bid to help renovate and upgrade tourism infrastructure<\/p>\n","protected":false},"excerpt":{"rendered":"

Subsidized loans designed to help tourism companies fund capex can now cover up to 90% of a project\u2019s renovation costs, up from 75% under the ongoing EGP 50 bn tourism support program, according to a CBE circular (pdf) published today. Tourism companies can use the facilities to fund a larger portion of spending needed to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10035],"tags":[633,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565966","post","type-post","status-publish","format-standard","hentry","category-speed-round-tourism","tag-enterprisepm","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"4ee5c934-0983-4e39-9a55-23b0bf570235","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[565959],"teaser":"","voice_url":""},"yoast_head":"\nMore help for the tourism industry - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/19\/more-help-for-the-tourism-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More help for the tourism industry\" \/>\n<meta property=\"og:description\" content=\"Subsidized loans designed to help tourism companies fund capex can now cover up to 90% of a project\u2019s renovation costs, up from 75% under the ongoing EGP 50 bn tourism support program, according to a CBE circular (pdf) published today. 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A grace period for all\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/152.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570278,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/25\/cbe-extends-tourism-support-initiative-with-two-year-soft-loans\/","url_meta":{"origin":565966,"position":2},"title":"CBE extends tourism support initiative with two-year soft loans","author":"enterpriseam admin","date":"25 March 2020","format":false,"excerpt":"REGULATION WATCH- CBE extends its support to the tourism sector with two-year soft loans: The Central Bank of Egypt (CBE) will provide soft loans to tourism companies to pay wages, commitments to suppliers, and maintenance as part of the EGP 50 bn tourism initiative it launched last year, according to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":619237,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/29\/govt-mulls-subsidized-loan-program-for-hospitality-players-to-boost-hotel-room-capacity\/","url_meta":{"origin":565966,"position":3},"title":"Gov\u2019t mulls subsidized loan program for hospitality players to boost hotel room capacity","author":"enterpriseam admin","date":"29 April 2024","format":false,"excerpt":"The initiative will offer investors subsidized loans at a 12% interest rate","rel":"","context":"In \"debt\"","block_context":{"text":"debt","link":"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1945.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571439,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/finmin-to-guarantee-egp-3-bn-of-low-interest-cbe-loans-for-tourism-industry\/","url_meta":{"origin":565966,"position":4},"title":"FinMin to guarantee EGP 3 bn of low-interest CBE loans for tourism industry","author":"enterpriseam admin","date":"12 May 2020","format":false,"excerpt":"FinMin to guarantee EGP 3 bn of low-interest CBE loans for tourism industry: The Finance Ministry will guarantee EGP 3 bn in funding provided by the Central Bank of Egypt (CBE) to state banks for soft loans to tourism companies and hotels, according to a ministry statement. 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