Cairo – Mubasher: The National Bank of Egypt (NBE) signed a long-term funding contract worth EGP 435 million with the Egyptian General Company for Tourism and Hotels (EGOTH) to finance the renovation of Mena House Hotel.

The state-run bank will contribute 75% to the project’s investment cost which amounts to EGP 580 million through a seven-year loan, head of corporate and syndication group at NBE, Sherif Riad, said in a statement on Tuesday.

This move comes as part of NBE’s role in taking part in the Central Bank of Egypt’s (CBE) initiative for the renewal and renovation of tourist facilities, the bank’s vice chairman Yehia Aboul Fotouh pointed out.