Egypt hopes Russian investors will participate in a new program providing preferential loan conditions for hotel construction in the country. This was stated by Amr Elkadi, chairman of the Egyptian Tourism Authority (ETA), in an interview. RIA News.
“I hope the Russians will join too. We have very strong relations with Russia, we have close ties between the governments and presidents of the two countries. “We hope that Russian investors will come and explore the opportunities,” Elkadi said.
According to him, as part of the program, the Egyptian government will compensate investors with almost 50% of the bank interest rate on the hotel construction loan. So, if the bank sets an annual rate of 20 percent and the construction of the hotel takes 2 years, the state will refund 10 percent of this amount.
“This will lower the interest rate and attract investors,” the ETA chairman said.
Businessmen from Spain and Germany have already become interested in the new benefits.
Before that in Egypt said about the role of the country for Russian tourists.
Russians before said The place to fly to the sea cheaply in April.