The International Finance Corporation (IFC), a member of the World Bank, announced it will fund Credence Group, one of the pioneering Egyptian companies in the hotel and leisure sectors, with 2.5 million dollars to boost the national economy and help create more jobs.
This fund will help in renovating a hotel in Hurghada as well as establishing three other green hotels in Cairo, Nada Shousha, manager of the IFC in Egypt, Libya and Yemen, said on Thursday.
The money will be offered over two loans, she added.
Meanwhile, executive director of Credence Group said the fund will help in attracting more foreign and Egyptian tourists.
This comes as part of the IFC's efforts to boost the Egyptian economy, especially in the tourism sector which makes up 13 percent of Egypt's Gross Domestic Product and contributes 11 percent to total workforce in Egypt