{"id":591004,"date":"2023-07-30T00:00:00","date_gmt":"2023-07-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/30\/cbe-suspends-tourism-financing-initiative\/"},"modified":"2023-07-30T00:00:00","modified_gmt":"2023-07-30T00:00:00","slug":"cbe-suspends-tourism-financing-initiative","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/30\/cbe-suspends-tourism-financing-initiative\/","title":{"rendered":"CBE suspends tourism financing initiative"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Subsidized loans to the tourism industry are history:<\/strong> The Central Bank of Egypt has suspended the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7556d5f4-f4be-40a0-b383-00d317400ee5\" style=\"\">tourism financing initiative<\/a> and instructed banks to stop disbursing loans at reduced interest rates to companies operating in the sector, it said in <a href=\"https:\/\/ent.news\/2023\/7\/1175.pdf\" style=\"\">a sta<\/a> <a href=\"https:\/\/ent.news\/2023\/7\/1175.pdf\" style=\"\">t<\/a> <a href=\"https:\/\/ent.news\/2023\/7\/1175.pdf\" style=\"\">ement (pdf)<\/a> lat week. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Out with the old, in with the new: <\/strong>The CBE is currently working along with the ministries of finance, tourism and antiquities on launching a new initiative for the tourism sector, the statement reads, without providing more information. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>As with most things these days, there\u2019ll be an FX conditionality<\/strong><strong>: <\/strong>The new initiative will be open only to those who make FX-denominated investments, make FX deposits, or make transactions through Egyptian banks in a way that supports closing the country\u2019s FX gap, a government source told Enterprise yesterday on condition of anonymity. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The scheme could be up and running in 2-3 months:<\/strong> The entities responsible for the new initiative will consult with industry leaders with a view to launch the initiative in the next two to three months, the source added. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The central bank could launch a new scheme with FX conditionality in the next 2-3 months<\/p>\n","protected":false},"author":1,"featured_media":591005,"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":[271,72,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-591004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tourism","tag-central-bank-of-egypt","tag-enterpriseam","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"29918dc9-9ce1-42d2-994b-6b97775542ae","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/1152.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s central bank suspends tourism financing initiative","related_issue":[590991],"teaser":"The central bank could launch a new scheme with FX conditionality in the next 2-3 months","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.cb1bd7e9-6f77-4b3f-863c-c2c09f45b066.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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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":570278,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/25\/cbe-extends-tourism-support-initiative-with-two-year-soft-loans\/","url_meta":{"origin":591004,"position":1},"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 &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":591004,"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":596365,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/26\/investors-want-the-cbe-to-extend-its-tourism-sector-initiative\/","url_meta":{"origin":591004,"position":3},"title":"Investors want the CBE to extend its tourism sector initiative","author":"enterpriseam admin","date":"26 August 2019","format":false,"excerpt":"Investors are petitioning the Central Bank of Egypt to extend its tourism rescue initiative for investors and businesses operating in the sector for another two years to allow for the renovation of existing tourism facilities and the completion of those currently under construction, Al Shorouk reported. The CBE initiative, which\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":591004,"position":4},"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":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":591004,"position":5},"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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