National Bank of Ukraine holds key rate at 13%    UK manufacturers' product sales rise in '23    Tokyo stocks rally on Fed rate cut    Egypt's El-Khatib seeks to boost renewable energy investment with UK companies    PM Madbouly inaugurates Beko complex in 10th of Ramadan with $110m investments    Lebanon sees more remote detonations as citizens brace for worst-case scenario    Al-Mashat, AfDB Special Envoy discuss development cooperation for Egypt    China imposes sanctions on US arms suppliers to Taiwan    Instagram introduces Teen Accounts, with built-in protections, parental oversight    Basketball Africa League Future Pros returns for 2nd season    Al-Sisi, Blinken discuss Gaza ceasefire    Google wins EU legal battle over €1.5b fine    Egypt's Environment Minister outlines progress on sustainability initiatives    US examines increased Chinese uranium imports    L'Oréal Egypt Hosts 9th Annual Skin and Hair Summit, Unveils New La Roche-Posay Anti-Pigmentation Serum    Al-Sisi calls for emulating Prophet Muhammad's manners at birth anniversary celebration    Culture Minister directs opening of "Islamic Pottery Museum" to the public on 15 October    Restoration project at Edfu Temple reveals original coloured inscriptions for first time    Egypt joins Africa's FEDA    Egypt's Culture Minister seeks input from Writers Union on national strategy    Egypt awards ZeroCarbon solid waste management contract in Gharbia    Egypt, UN partner on $14-m coral reef protection project    ADB approves $93.6m for Cambodia's rural utilities    Egypt condemns Ethiopia's unilateral approach to GERD filling in letter to UNSC    Egyptian pentathletes dominate world championships in Lithuania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Egyptian Olympic athletes champion local sportswear    Egypt's FM, Kenya's PM discuss strengthening bilateral ties, shared interests    Paris Olympics opening draws record viewers    Former Egyptian Intelligence Chief El-Tohamy Dies at 77    Who leads the economic portfolios in Egypt's new Cabinet?    Egypt's President assigns Madbouly to form new government    Financial literacy becomes extremely important – EGX official    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Initiative launched to support tourism sector meet financial obligations: Finance Minister
Finance Ministry to provide EGP 3bn as guarantee for bank loans to tourist, hotel establishments at 5% annual interest
Daily News Egypt Published in Daily News Egypt on 11 - 05 - 2020

Minister of Finance Mohamed Maait has announced the launch of a new initiative supporting Egypt's tourism and hotels sectors as they face the negative repercussions of the coronavirus (COVID-19) crisis.
This initiative would enable tourism and hotel establishments, including small- and medium-sized enterprises (SMEs), fulfil their salary obligations, and meet basic employment requirements.
Maait explained that the initiative implements presidential directives to support economic sectors affected by the pandemic, so that workers are not harmed and receive their salaries.
The initiative includes the Ministry of Finance providing EGP 3bn worth guarantee to the Central Bank of Egypt (CBE). It will let tourist and hotel establishments take out loans over three years from national banks at an annual interest rate of 5%. The loans will have a general grace period starting from 1 May without any guarantees, and can be repaid in monthly instalments to distribute the burden over two years.
Maait added that this aims to cover employee salaries at tourist and hotel establishments, ensuring spending on the operations' basic needs does not exceed 15% of the value of the loan granted to the facility.
He explained that tourist and hotel establishments will provide the lending banks with statements of their employee names and their bank account numbers. This will ensure that salaries are transferred directly from the bank to the employee.
Maait indicated that a committee has been set up formed of representatives from the Ministry of Finance, the CBE, and the Ministry of Tourism and Antiquities. Lending banks will follow up on the initiative's implementation to ensure continued support of the tourism sector.
Maait added that it has also been decided to drop the real estate tax on hotel and tourist establishments for a period of six months. The payment of all dues on tourist and hotel establishments has also been postponed for a period of three months, with these establishments not facing fines or delay payments.

Clic here to read the story from its source.