The Egyptian government is currently conducting negotiations with local banks to grant loans to tourism facilities and hotels in an effort to reschedule their debts to the banks, reported Al-Hayat . Investors in hotels and tourism companies are no longer able to repay previous debts and loans due to the crisis resulting from the September 11 events. Last September, the local hotel occupancy declined to as low as 18 percent, before re-increasing to 55 percent in November. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
