Egyptian banks ease financial pressure on ailing tourism sector
Egyptian public banks were recently instructed by the government to grant zero-interest credit loans to businesses in the tourism industry, for a total amount of 100-million Egyptian pounds ($23 million) a month.
The banks will also award tourism-related businesses an extended grace period before having to pay their insurance fees, reported Al-Ahram. The government will delay the collection of electricity and telephone bills from tourism sector facilities and will temporarily allow businesses to refrain from paying back their annual land expenses.
Egyptian Prime Minister Atef Ubeid stated that these measures indicate the government’s commitment to rehabilitating the country’s staggering tourism industry, which suffered huge losses in its travel after the September 11 terrorist attacks on the United States. — (menareport.com)
© 2001 Mena Report (www.menareport.com)