The International Finance Corporation announced on Thursday that it would provide a loan of roughly $20.5 million to Credence Group, a leading hospitality company in Egypt.
The IFC, a member of the World Bank Group, says that this loan is to support the country’s tourism sector and help boost economic growth, reports Qatar-based Al Sharq.
The finance institution adds that this initiative comes within the framework of its efforts in providing job opportunities and promoting sustainable economic growth.
Nada Shousha, IFC’s country manager for Egypt, says: “Continuing to support the vital sectors, including the tourism sector, is critical to promote economic growth and create necessary job opportunities.”
Islam Mahdy, chairman and CEO, says: “This investment will help us to provide global-scale facilities to foreign and local visitors, and to support the recovery of the vital tourism sector.”
The tourism sector in Egypt accounts for 15 per cent of the total GDP and provides 11 per cent of the total job opportunities.
($1 = AED3.67, at the time of publishing)