Fri 01 Nov 2024 | 06:57 PM
The Ministers of Tourism and Antiquities and Finance have jointly announced the initiation of a program aimed at bolstering the tourism sector. This program will provide 50 billion pounds in financing options for tourism enterprises, facilitating installment payments to enhance hotel room capacity. Priority will be given to the regions of Luxor, Aswan, Greater Cairo, the Red Sea, and South Sinai.
In his remarks, Sherif Fathy, the Minister of Tourism and Antiquities, emphasized that this initiative represents a significant advancement in promoting and stimulating investments in tourism, particularly in the hotel sector, to accommodate the anticipated increase in tourist arrivals.
He noted that interested parties will have a year to apply for these financing options, with a maximum limit of one billion pounds for individual applicants and up to two billion pounds for related entities.
Furthermore, he stated that participating companies will incur a low and decreasing interest rate of 12%, with a withdrawal period not exceeding 16 months, concluding by the end of June 2026.
He added that these companies will also be granted an additional six months post-withdrawal to secure either a final or provisional operating license.
In turn, Ahmed Kojok, the Minister of Finance, affirmed that the state treasury is contributing to the financial support for the tourism sector to facilitate the establishment of hotel rooms.
He clarified that the treasury-supported interest rate will be applicable for a duration of five years from the date of the initial withdrawal of the financing facilities.
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