{"id":567812,"date":"2020-12-08T04:02:40","date_gmt":"2020-12-08T04:02:40","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/08\/tourism-companies-workers-get-another-helping-hand\/"},"modified":"2020-12-08T04:02:40","modified_gmt":"2020-12-08T04:02:40","slug":"tourism-companies-workers-get-another-helping-hand","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/08\/tourism-companies-workers-get-another-helping-hand\/","title":{"rendered":"Tourism companies, workers get another helping hand"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>The tourism industry will continue to get a helping hand from the Central Bank of <\/strong><strong>Egypt (CBE) <\/strong>after the bank granted tourism companies debt repayment holidays and more room to take out operating loans, according to two separate CBE circulars (<a href=\"https:\/\/ent.news\/2020\/12\/%D9%83%D8%AA%D8%A7%D8%A8-%D8%AF%D9%88%D8%B1%D9%8A-%D8%A8%D8%AA%D8%A7%D8%B1%D9%8A%D8%AE-6-%D8%AF%D9%8A%D8%B3%D9%85%D8%A8%D8%B1-2020-%D8%A8%D8%B4%D8%A3%D9%86-%D8%AA%D8%B9%D8%AF%D9%8A%D9%84-%D8%A8%D8%B9%D8%B6-%D8%A8%D9%86%D9%88%D8%AF-%D9%85%D8%A8%D8%A7%D8%AF%D8%B1%D8%AA%D9%8A-%D8%A5%D8%AD%D9%84%D8%A7%D9%84-%D9%88%D8%AA%D8%AC%D8%AF%D9%8A%D8%AF-%D8%A7%D9%84%D9%81%D9%86%D8%A7%D8%AF%D9%82-%D9%88%D8%AA%D9%85%D9%88%D9%8A%D9%84-%D8%B3%D8%AF%D8%A7%D8%AF-%D8%A7%D9%84%D9%85%D8%B1%D8%AA%D8%A8%D8%A7%D8%AA-%D8%A8%D8%B6%D9%85%D8%A7%D9%86-%D9%88%D8%B2%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9.pdf\">here<\/a> and <a href=\"https:\/\/ent.news\/2020\/12\/%D9%83%D8%AA%D8%A7%D8%A8-%D8%AF%D9%88%D8%B1%D9%8A-%D8%A8%D8%AA%D8%A7%D8%B1%D9%8A%D8%AE-%D9%A6-%D8%AF%D9%8A%D8%B3%D9%85%D8%A8%D8%B1-2020-%D8%A8%D8%B4%D8%A3%D9%86-%D9%85%D8%AF-%D9%81%D8%AA%D8%B1%D8%A9-%D8%A7%D9%84%D8%B9%D9%85%D9%84-%D8%A8%D9%85%D8%A8%D8%A7%D8%AF%D8%B1%D8%A9-%D9%82%D8%B7%D8%A7%D8%B9-%D8%A7%D9%84%D8%B3%D9%8A%D8%A7%D8%AD%D8%A9-%D9%88%D9%85%D8%A8%D8%A7%D8%AF%D8%B1%D8%A9-%D9%82%D8%B1%D9%88%D8%B6-%D8%A7%D9%84%D8%AA%D8%AC%D8%B2%D8%A6%D8%A9-%D9%84%D9%84%D8%B9%D8%A7%D9%85%D9%84%D9%8A%D9%86-%D8%A8%D9%82%D8%B7%D8%A7%D8%B9-%D8%A7%D9%84%D8%B3%D9%8A%D8%A7%D8%AD%D8%A9-%D8%AD%D8%AA%D9%89-%D9%86%D9%87%D8%A7%D9%8A%D8%A9-%D8%B9%D8%A7%D9%85-2021.pdf\">here<\/a> \u2014 pdfs). A grace period for all loans taken out since the pandemic took hold in March now expires at the end of December 2021, after having originally been six months following the date of taking out a loan. Companies will then begin paying back the loans in January 2022. The loans also now support monthly wage payments of up to EGP 25k, up from EGP 15k previously, the CBE said.<\/p>\n<p><strong>Debt repayment holidays alongside loans to cover expenses: <\/strong>Until 31 December 2021, tourism companies or any of their employees can walk into their banks and request a repayment freeze of up to three years, the CBE said. Employees may request holidays of up to six months on personal loans, provided they have a good history of meeting repayments.<\/p>\n<p><strong>Also eligible for a payment moratorium:<\/strong> Employees who have taken out loans as part of a 2015 initiative to support tourism workers.<\/p>\n<p><strong>Background:<\/strong> The CBE in March modified its <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/16\/cbe-confirms-egp-50-bn-tourism-support-program-8498\/\">EGP 50 bn program<\/a> to support the tourism sector in response to the pandemic, providing low-interest loans to companies struggling to survive as international travel ground to a halt. The program offers two-year loans to companies which pay <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3411977f-0caa-48a9-8c35-05573565a75f\">a reduced 5% interest rate<\/a> to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4ab581e1-1144-4d1e-a2ce-9b1aee8dd5b1\">pay wages<\/a> for up to six months and cover maintenance costs and daily operations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The tourism industry will continue to get a helping hand from the Central Bank of Egypt (CBE) after the bank granted tourism companies debt repayment holidays and more room to take out operating loans, according to two separate CBE circulars (here and here \u2014 pdfs). A grace period for all loans taken out since the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":567813,"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":[7377],"tags":[271,107,7106,72,7087,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-567812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tourism","tag-central-bank-of-egypt","tag-covid-19","tag-debt","tag-enterpriseam","tag-finance","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"b415495e-446b-4f30-9342-71f8caae67d8","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/152.jpg","photo_position":"above","related_issue":[567806],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Tourism companies, workers get another helping hand - 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\/2020\/12\/08\/tourism-companies-workers-get-another-helping-hand\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tourism companies, workers get another helping hand\" \/>\n<meta property=\"og:description\" content=\"The tourism industry will continue to get a helping hand from the Central Bank of Egypt (CBE) after the bank granted tourism companies debt repayment holidays and more room to take out operating loans, according to two separate CBE circulars (here and here \u2014 pdfs). A grace period for all loans taken out since the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/08\/tourism-companies-workers-get-another-helping-hand\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-08T04:02:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/152.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/08\/tourism-companies-workers-get-another-helping-hand\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/08\/tourism-companies-workers-get-another-helping-hand\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Tourism companies, workers get another helping hand\",\"datePublished\":\"2020-12-08T04:02:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/08\/tourism-companies-workers-get-another-helping-hand\/\"},\"wordCount\":258,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/08\/tourism-companies-workers-get-another-helping-hand\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/152.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Central Bank of Egypt\",\"covid-19\",\"debt\",\"EnterpriseAM\",\"Finance\",\"tourism\"],\"articleSection\":[\"Tourism\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/08\/tourism-companies-workers-get-another-helping-hand\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/08\/tourism-companies-workers-get-another-helping-hand\/\",\"name\":\"Tourism companies, workers get another helping hand - 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The CBE will accept requests to reschedule debt owed by tourism companies for up to three years, and will grant a\u2026","rel":"","context":"In &quot;Tourism&quot;","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571127,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/30\/central-bank-of-egypt-cuts-interest-on-loans-to-tourism-companies-to-5\/","url_meta":{"origin":567812,"position":1},"title":"Central Bank of Egypt cuts interest on loans to tourism companies to 5%","author":"enterpriseam admin","date":"30 April 2020","format":false,"excerpt":"REGULATION WATCH- CBE cuts interest on soft loans for tourism industry to 5% from 8%: The central bank is subsidizing loans from banks to tourism companies to help them cover wages, commitments to suppliers and maintenance expenses, the Tourism and Antiquities Ministry said in a statement. CBE had extended its\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":591744,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/16\/cbe-confirms-egp-50-bn-tourism-support-program\/","url_meta":{"origin":567812,"position":2},"title":"CBE confirms EGP 50 bn tourism support program","author":"enterpriseam admin","date":"16 December 2019","format":false,"excerpt":"CBE confirms EGP 50 bn tourism support program: The Central Bank of Egypt (CBE) will increase tenfold the funding it has made available to support the tourism industry to to EGP 50 bn, allowing more companies in the sector to access soft loans to renovate and upgrade tourism infrastructure, the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/12\/CBE-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558972,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/04\/some-folks-just-got-a-breather-from-cbe\/","url_meta":{"origin":567812,"position":3},"title":"Some folks just got a breather from CBE","author":"enterpriseam admin","date":"4 January 2021","format":false,"excerpt":"Banks will continue to support businesses at risk of default for another six months: The Central Bank of Egypt (CBE) has extended until 30 June two debt relief initiatives launched in late 2019 and early last year to waive marginal interest on debt owed by distressed companies and tourism businesses,\u2026","rel":"","context":"In &quot;Policy&quot;","block_context":{"text":"Policy","link":"https:\/\/enterpriseam.com\/egypt\/category\/policy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","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":567812,"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. The ministry will\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":652496,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/11\/central-bank-extends-tourism-relief-program\/","url_meta":{"origin":567812,"position":5},"title":"Central Bank extends tourism relief program","author":"enterpriseam admin","date":"11 January 2017","format":false,"excerpt":"The CBE has decided to extend the debt-relief program for the tourism sector for an additional year to February 2018, according to a CBE statement. Loans for sector workers were extended an additional six months.","rel":"","context":"In &quot;Speed Round&quot;","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/567812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=567812"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/567812\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/567806"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/567813"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=567812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=567812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=567812"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=567812"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=567812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}