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The governor of Egypt’s Central Bank has announced the formation of a fund worth 5 billion Egyptian Pounds, to help investors develop and upgrade tourist facilities.This will include hotels, resorts and Nile boats nationwide. Funding will be available as loans with a 10% interest rate. Egypt’s tourism sector has been struggling since Russia and a number of European countries suspended direct passenger flights to the popular Egyptian resort of Sharm El-Sheikh in South Sinai, in late 2015.
