The Central Bank of Egypt (CBE) has made amendments to its initiative providing support to tourism sector workers, which was issued in cooperation with the Ministry of Finance.
The amendments cover several articles under the initiative. This includes Article 2, covering the payment of tourism sector salaries, as well as basic maintenance and operating expenses with the guarantee of the Ministry of Finance. This funding comes through a pledge issued by the CBE for the Credit Risk Guarantee Company.
The article includes the payment of salaries for tourism sector workers for a period of three months starting in May 2020. The client must provide proof that salaries due in May have not already been paid.
Once proof has been presented, and following on from the amendment, tourism sector salaries will be paid for a period of three months starting from the date of granting credit facilities.
The CBE has also modified Article 4 of the initiative, which includes a two-year repayment period, including a general grace period, and a three-month withdrawal period. This ensures a facilitation period of one year, including a one-year grace period, three-month withdrawal period, and payment for two years after the grace period.
Article 12 of the initiative has been eliminated. The article stipulated that evidence must be presented that companies have not reduced employee numbers or wages during the period from late December 2019 to date.
