Public Management

Egyptian govt issues $190mln guarantee to support tourism

Wednesday, 13 May 2020 12:47
Egyptian govt issues $190mln guarantee to support tourism

(Ecofin Agency) - The Egyptian Minister of Finance, Mohamed Ma'it, announced on Monday 11 May that the government is going to issue EGP3 billion (about $190 million) in guarantees to the Central Bank of Egypt (CBE), in favor of national banks. The aim is to facilitate loans to Egyptian tourist and hotel establishments to pay the salaries of tourism workers.

According to the Minister, the loans will be repaid in monthly installments, over a period of 2 years, to cover the salaries of the employees of tourist and hotel establishments, and the basic operational needs which do not exceed 15% of the value of the loan granted to the establishment.

Also, tourism and hotel firms will provide the lending banks with statements of employees' names and bank accounts so that salaries can be transferred directly from the bank to the employee.

A committee made up of the Ministry of Finance, the Central Bank, the Ministry of Tourism and the lending banks has been formed to monitor the implementation of this initiative, Mohamed Ma'it explained.

According to data from the Central Bank of Egypt, the country's tourism revenues amounted to $13.03 billion in 2019 for about 13.1 million registered tourists, up 1.8 million tourists compared to 2018 (11.3 million).

The tourism sector accounts for about 11.9% of Egypt's GDP and generates about 2.48 million jobs, or 9.5% of the country's active population, according to World Travel & Tourism Council statistics for 2018.

André Chadrak

Additional Info

  • communiques: Non
  • couleur: N/A
 
Finance


 
Telecom


Ecofin Agency covers the news from 9 business sectors in Africa: Public management, Finance, ICT, Agribusiness, Electricity, Mining, Oil and Gas, Comms and Laws. Ecofin Agency is also creating and management specialized medias, in paper and on the web/social networks, for institutions or African publishers.

AGENCE ECOFIN

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

REDACTION
redaction@agenceecofin.com

Public management
Aaron AKINOCHO
Borgia KOBRI
Moutiou ADJIBI

Finance
Idriss LINGE
Walid KEFI
Chamberline MOKO

Agribusiness
Espoir OLODO

Electricity
Gwladys JOHNSON

Oil and Gas
Olivier DE SOUZA

Mining
Louis-Nino KANSOUN

ITC 
Muriel EDJO

Comms
Servan AHOUGNON

Cameroon
Brice R. MBODIAM
Sylvain ANDZONGO
Monique MAY
Julienne Rose SENDE

Togo
Fiacre E. KAKPO
Waliyullah TAJUDEEN
Séna AKODA

Niger
Sandrine GAINGNE

Gabon
Stephane BILLE
Pierre-Celestin ATANGANA

Desk
Stéphane ALIDJINOU
Souha TOURE
Vahid CODJIA
Diane ZODEHOUGAN
Hikmatu BILALI

Translation
Schadrac AKINOCHO
Mouka MEZONLIN
Firmine AÏZAN



Digital
Omar SOKHNA
Mamadou DIOP
Bacary MANE
Abdel Razak MOULIOM

Digital Marketing
Jérémie FLAUX
Geraud ACHI
Jean Christian BERNARD
Franck FOUTE

Web publishing
Bakoly RAHARISOA
Rina RAMANANDRAISOA
Hasina RAJEMISON

Development
Dominique FLAUX

 


 
REGIE COMMERCIALE
AGENCE ECOFIN
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11
Fax: +41 22 301 96 10

Benjamin FLAUX
bf@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72

Voir page 
Nos services
 

 










 



Ecofin Agency is a news agency for economic and sectorial information. It was created in 2010 and it website was launched in June 2011.

Please publish modules in offcanvas position.