The Chamber of Tourism Companies and Agencies asked its members to send their mortgage settlement requests to the Social Insurance Fund of Private and Public Sector Employees, according the statement by the chamber.
Egyptian Federation of Chambers of Tourism signed a cooperation agreement to settle the debts of the sector’s enterprises with the chairman of the Social Insurance Fund of Private and Public Sector Employees in September 2015.
They agreed to grant all defaulter enterprises in the tourism sector insurance concessions to continue their activities for three months. The period will be renewed if they have committed to pay the instalments within three months, according to official.
The Social Insurance Fund agreed to set the debt in instalments for all tourism sector enterprises whether companies, hotels, clubs, diving centres, restaurants, or bazaars. This will be upon the submission of applications for debt instalment and request for instalment of sums due on the facility, up to EGP 5m. It was also agreed that the debtor companies can set instalments for roughly EGP 5m on five years.
In case all sector debtor companies owing more than EGP 5m want to set their instalments for longer than five years, they should provide a request supported by the appropriate documentation.
Each and every company will be examined after the three-month deadline or at the end of the renewal period. Companies are obliged to submit an application regarding their instalment period and the debt value as per the agreement.
The agreement stipulated that instalment requests should be posted no later than six months from the agreement start date in September 2015. Companies will pay no less than 5% of the debt value, as a down payment depending on the institution’s financial status.