CBE Raises Funding Limit For Hotel Renovations

Giving More to Your Wealth
19 May 2021

The Central Bank of Egypt (CBE) has decided to make some modifications to their initiative regarding the funding of renovations for hotels and tourism transportation fleets, which allows the disbursement of loans with an 8% diminishing balance interest rate. The modifications are based on the CBE’s expectation of a pick-up in tourism activities in the near future, for which hotels and tourism companies will want prepare themselves by completing their renovations.

Under the new terms, banks can finance up to 90% of the total cost of renovations instead of 75%. The client will repay their 10% share in proportion to the bank’s share based on an analysis conducted by the bank of the client’s future cash flows. (Source: Mubasher, Arab Finance)

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