80% of tourist companies will not benefit from al-Sisi’s initiative

9

Head of the egyptian travel agents association Hussam Al-Shaer has said that 80 per cent of tourism sector companies will not be able to take advantage of the president’s initiative to provide loans with reduced interest, confirming that most of the sector companies do not have the capabilities that enable them to obtain loans. Al-Shaer said: “80 per cent of the companies will not be able to obtain a loan to pay salaries, and a meeting must be held with the banks to reach an understanding with them.”

Abdel Fattah al-Sisi has asked the central bank to provide loans with reduced interest to tourist and hotel establishments so they can pay their workers, in addition to postponing the payment of all interest for a period of three months.

Khaled Al-Anani, Minister of Tourism, estimated tourism losses due to the outbreak of coronavirus at $1 billion per month. Egyptian tourism revenues have decreased by 80 per cent compared to the same period last year.