Egypt’s Ministries of Tourism and Antiquities and Finance unveiled a major initiative on Thursday aimed at revitalizing the country’s tourism sector with LE50 billion in financial support. The program offers financing options to tourism companies, particularly for expanding hotel capacity in prominent tourist destinations including Luxor, Aswan, Greater Cairo, the Red Sea, and South Sinai.
Tourism Minister Sherif Fathy emphasized the initiative’s goal to boost investments in the tourism industry by enabling hotels and related businesses to accommodate an expected surge in visitor numbers. Companies interested in accessing the financial support will have a year to apply, with funding limits capped at LE1 billion per applicant and LE2 billion for connected entities. The financing offers a favorable decreasing interest rate of 12 percent, with a 16-month withdrawal period and a deadline for final licensing by June 2026.
As of the announcement, 96 applications have met the requirements for participation in the initiative, reflecting strong interest within the sector.
Finance Minister Ahmed Kouchouk highlighted the government’s commitment to strengthening the tourism industry as part of its economic growth agenda. To qualify, participating companies must convert 40 percent of their revenue to foreign currency for deposit with the financing banks, ensuring support for Egypt’s currency reserves.
This initiative aims to enhance cash flow within the tourism sector, foster private sector growth, and promote Egypt as a top destination for international travelers.
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