(MENAFN- Daily News Egypt) Minister of Finance Ahmed Kouchouk and Minister of Tourism and Antiquities Sherif Fathy announced that the Cabinet has approved a six-month extension of the EGP 50bn financial facilitation initiative, effective from 20 October 2025.

The initiative is designed to expand Egypt's hotel capacity in line with the government's target for annual growth in tourist arrivals, with the state treasury covering the interest rate differential.

According to a joint statement by the Ministries of Finance and Tourism and Antiquities, the deadline for submitting applications and securing preliminary approvals from banks has been extended from 20 October 2025 to 20 April 2026.

The ministries noted that the extension responds to numerous requests from companies and investors eager to benefit from the initiative's incentives to complete ongoing and planned tourism projects.

The statement added that this move underscores the government's commitment to implementing balanced economic and fiscal policies that stimulate private sector growth-particularly within the tourism and hospitality sectors, given their pivotal role in job creation, supporting ancillary industries, and increasing foreign currency inflows.

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