Cairo – Mubasher: The Central Bank of Egypt (CBE) unveiled the largest tourism support plan under the directives of the Egyptian President Abdel Fattah El-Sisi.  

The CBE decided to increase the value of the initiative aimed at renovating and restoring tourism facilities to EGP 50 billion from EGP 5 billion and renew the current tourism initiative for another year that will end on 31 December 2020, according to a statement on Sunday.

Customers in the tourism sector with overdue loans before 2011 will be exempt from paying margin interest.

Under the initiative, all tourism companies in default, including those operating in Nuweiba, Taba, and Saint Catherine, will be exempt from margin interest and 50% of the debt, but they will remain in iScore's list for two years.