Egypt gears up to host Barcelona Convention COP24 on Mediterranean Pollution in December    Egypt to host 3rd Global Conference on Population, Health and Human Development in November    Egypt to host inaugural AI Everything Middle East & Africa Summit in February 2026    Norway's wealth fund investments in Israel dominate election, could decide government    Egypt's military production, petroleum ministries drive projects to boost citizens' economic gains    Egypt implements EGP 12.7bn water, wastewater projects in Northwest Coast in 2024    Egypt backs UN plan for Libyan elections within 12-18 months    South Korea's Lee in Japan for talks ahead of crucial Trump meeting    Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt, ADIB explore strategic partnership in digital healthcare, investment    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt to launch 3-month presidential consumption stimulation initiative before July end
Ration card holders will receive 10% discount with state treasury to bear EGP 12bn cost, says Maait
Published in Daily News Egypt on 14 - 07 - 2020

Minister of Finance Mohamed Maait has announced that the presidential initiative to stimulate consumption and encourage local production will be launched before the end of July for a period of three months.
Maait said that the initiative aims to encourage all economic segments of Egypt's citizens to purchase locally-made durable and non-durable consumer goods.
It is expected that the initiative will motivate factories to increase their production to meet the demand from shops and commercial chains. This will have the knock-on effect of creating new job opportunities.
The minister added that there is a list of local consumer goods which will be offered for sale at discounted prices to all citizens who wish to purchase them. These will be available through the outlets and distribution points of companies, factories, stores and commercial chains participating in the presidential initiative.
A website for the initiative will be launched that will list the participating companies and showcase their products and discounts.
"In implementation of the presidential directives to lift the burden on low-income citizens, ration card holders will be given an additional 10% discount on all consumer goods offered for sale within the initiative," Maait said, "This will be provided with the state treasury bearing this additional discount at a total of EGP 12bn from the current fiscal (FY) year 2020/2021."
He pointed out that the initiative allows for goods to be purchased in instalments that can be repaid over a period of two years. The payments will also be made at reduced interest, to make it easier for citizens to pay for their purchases.
The initiative to stimulate consumption and encourage domestic products will be subject to periodic evaluation and close monitoring by various ministries and the relevant authorities. The Egyptian Consumer Protection Agency (CPA) will, in particular, monitor the initiative to ensure its success and that it achieves its desired goals, Maait disclosed.
He concluded that the presidential initiative may be renewed if positive results in raising the rate of consumption spending growth are achieved.


Clic here to read the story from its source.