Announcement #34 of 2021

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Announcement #34 of 2021


Announcement #34 of 2021

17 June 2021

Following the meetings held by the committees that were formed to follow up the requirements and controls for implementing the initiative to support touristic companies in light of the repercussions of the COVID-19 virus, and to facilitate to the companies to overcome any obstacles they face after applying to obtain the credit facilities granted by the Central Bank's initiative to finance the salaries and wages of the employees in the tourism sector and operating and maintenance expenses.

In light of the follow-up on the actual implementation of this initiative and to facilitate the procedures to achieve the most of the benefits under the current circumstances, the following has been decided:
1-   Extending the initiative until the end of December 2021 instead of July 2021 or by depleting the amount allocated for it at 3 billion pounds, whichever comes first, and extending the grace period until the end of June 2022, provided that the payment of the first installment begins in July 2022 for two years.
2-   The possibility of benefiting the establishments who have previously benefited from the initiative since its issuance, provided that the maximum total funding within the framework of the initiative does not exceed 30 million pounds per client and 40 million pounds for the client and the associated parties, regardless of the number of previous months that were funded.
3-   Emphasizing that it is not required that the establishments had gained profit during the previous years to benefit from this initiative.
4-   The companies benefiting from this initiative are Egyptian joint stock companies working in the field of tourism who meet the terms of the initiative, regardless of the percentage of the foreign partner.
Please contact the CDWS in case of facing any obstacles while applying to the bank's initiative.

Regards, 
The Chamber of Diving and Water Sports