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EGP 12.25 bn Egyptian presidential initiative to incentivize local products
Prime Minister Moustafa Madbouli said an EGP 12.25 billion presidential initiative will be launched on July 26 to promote local products and incentivize local consumption.
While chairing a cabinet meeting in the New Alamein city on Wednesday, the A large number of companies and banks take part in the initiative which falls within the framework of containing the fallout of the coronavirus.
Madbouli added that the initiative will work of securing a number of staple commodities at low price.
Meanwhile, Finance Minister Mohamed Maait said the initiative is meant to encourage people from various social and financial backgrounds to boost their consumption.
He noted that the treasury will offer EGP 200 to 1000 for each individual’s ration card to encourage people to buy low-price commodities.
The initiative will also contribute to galvanizing factories into increasing their production, operating production lines at full capacity and increasing job opportunities.
Under the initiative, shops and hypermarkets which are due to take part in the initiative will offer discounts up to 20 percent on various commodities during the initiative’s period.
He noted that all Egyptians – even those who do not have ration cards – will benefit from the discounts offered under the overture.
He added that home appliance, ready-made clothes, leather products, furniture and other products are included in the initiative.
The initiative’s portal is available for online purchase.
He added that it was agreed with a number of banks to offer low-interest financing to encourage people to raise their standards of living.
Maait said the initiative aims to boost consumption which is one of the main components of the Gross Domestic Product in addition to increasing factories’ production and realizing financial inclusion.
He noted that the initiative will be comprehensively assessed to ensure that it attained its goals.
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