CBE Low-Interest Loans Initiatives to Tourism Sector Workers Annulled

The cabinet has approved the annulment of the Central Bank of Egypt's (CBE) initiatives that offered low-interest loans to workers in the tourism sector. However, the CBE stated that it may introduce a new financing initiative for the tourism sector in collaboration with the Ministry of Finance, and the Ministry of Tourism and Antiquities.

The launch of this new initiative would be subject to the prime minister's approval. Meanwhile, tourism revenues showed a positive trend, increasing by 25.7% to USD 7.3 billion in the first half of 2022 compared to USD 5.8 billion the previous year.