The Egyptian Ministry of Finance on Monday launched an initiative that guarantees the payment of 3 billion Egyptian pounds ($ 190,552,411) to Egyptian banks for lending to travel companies and hotels.
The money will help cover operating expenses and employee salaries during the fight against coronavirus, Finance Minister Mohammed Mayit said.
Hotels and travel companies will return loans at 5% per annum for three years, with a grace period from May 1 to April 30, 2021, Mayit added.
They will need to submit a list of employee names and bank account numbers to allow banks to transfer salaries directly to hotel and travel agency employees.
The Ministry of Finance also decided to exempt hotels and tourism businesses from paying real estate tax for 6 months, as well as to postpone the payment of all taxes on them for three months without penalties or interest.
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