The Central Bank of Egypt will be establishing a fund to upgrade hotels, resorts and floating boats.

Worth five billion pounds, the fund should help owners of hotels and resorts to renovate and maintain their tourist property, said CBE governor Tareq Amer Sunday. 

Investors should at least own 30 percent of the facility to be able to benefit from the fund, Amer noted.

Amer was speaking in a meeting with investors in South Sinai to probe problems of the tourism sector.

He stressed the need to train hotel staff to provide better service to tourists.

Amer also urged the investors to please depend on Egyptian materials when renovating hotels to avoid customs duty.