Egypt Wants to See Russian Investors in New Hotel Program, Tourism Authority Chief Reveals

© Sputnik . Alexey Vitvitsky / Go to the mediabankHotel in Sharm el-Sheikh.
Hotel in Sharm el-Sheikh. - Sputnik Africa, 1920, 31.03.2024
MOSCOW (Sputnik) - Under the program, the Egyptian government will cover almost 50% of the bank interest on an investment loan if the investor speeds up the construction of a new hotel, according to Egyptian Tourism Authority chief Amr El Kady.
Cairo hopes that investors from Russia will be able to enter the Egyptian market and explore the opportunities of a new program offering preferential loan terms for the construction of hotels in the country, El Kady told Sputnik.

"I hope for the Russians, of course, we have very strong relations with Russia [for] tens of years, but especially these years, very strong relations between the two governments and two presidents. And we hope that Russian investors can come to Egypt and explore the opportunities," he said.

Spanish and German entrepreneurs have already flagged interest in the program, he added.