Credence Group, a hospitality company in Egypt is to receive a loan of approximately US $20.5 million from The International Finance Corporation (IFC).
The IFC, a member of the World Bank Group, has stated that the loan is intended to support the country’s tourism sector and stimulate economic growth, reports Qatar-based Al Sharq.
The company operates in the hotels, attractions and F&B sector. Its hotels include the Sindbad Beach Resort, the Sindbad Aqua Hotel, and Sindbad Aqua Resort - all in Hurghada, Red Sea, with attractions including Sindbad Aqua Park, Sindbad Submarines, and Sindbad Quest. Its restaurant portfolio include Sequoia and Left Bank, Egypt.
“Continuing to support the vital sectors, including the tourism sector, is critical to promote economic growth and create necessary job opportunities,” said IFC Egypt country manager Nada Shousha.
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This initiative comes within the framework of its efforts in providing job opportunities and promoting sustainable economic growth, IFC added.
IFC CEO and chairman Islam Mahdy said: “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 is accountable for 15% of the total GDP, in addition to providing 11% of the total employment opportunities.
The news comes following the launch of a campaign by the Egyptian Ministry of Transport, together with the national carrier Egypt Air, called "1 million tourists to Sharm Al-Sheikh" as part of an attempt to revive tourism arrivals following the recent incident which brought down a Russian passenger plane.
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