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Monday, 21 September 2020

Egypt launching initiative to stimulate local consumption

Finance Minister Mohamed Maait said that the initiative, which costs EGP 12.25 billion, aims to encourage citizens to increase consumption, regardless of their socio-economic status

Ahram Online , Wednesday 22 Jul 2020
Maait
Egypt’s Finance Minister Mohamed Maait (Photo: Al-Ahram)
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Egypt is set to launch on Sunday a presidential initiative to boost local consumption and demand on domestic products, a statement by the cabinet said on Wednesday.

In the statement, Prime Minister Mostafa Madbouly highlighted the importance of the presidential initiative in encouraging local production and ensuring that a number of vital commodities are available for citizens at low prices.

Madbouly's remarks came during a cabinet meeting on Wednesday in New Alamein City.

Finance Minister Mohamed Maait said that the initiative, which costs EGP 12.25 billion, aims to encourage citizens to increase consumption, regardless of their socio-economic status.

The state treasury will make EGP 200 available to everyone who holds a ration card at a maximum cap of EGP 1,000 per card, Maait said.

Madbouly explained that the EGP 12.25 billion that the government will inject into the initiative is part of its plan to address the impact of the coronavirus.

The initiative involves manufacturers, retail chains and distribution points lowering the price of products at an average of 20 percent on purchases made while the initiative is in effect.

The finance ministry will provide a further 10 percent discount on the same product to those who hold ration cards, allowing holders to benefit from both discounts provided by the manufacturers and the government.

The products sold include electronics, home appliances, ready-made garments, leather goods, furniture, home finishing materials, and others.

The initiative’s portal is available for online purchases, the statement noted.

Madbouly said that the initiative aims to provide commodities at lower prices to encourage local products and boost consumption as an essential component of GDP growth.

The initiative should contribute to encouraging factories to increase production to maximum capacity, Maait said.

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