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· Egypt has launched a presidential initiative to help Egyptian consumers to buy goods at reduced prices.
· The scheme will provide 20% discount on identified goods purchased by the consumers.
· Additional support starting from L.E.200 to L.E. 1,000 for each ration card will be provided. This would entail a cost estimated at L.E. 12.25 billion to the exchequer.
Egypt has launched a presidential initiative to help Egyptian consumers to buy goods at reduced prices. According to the plan, the scheme will provide a 20% discount on identified goods purchased by the consumers. Also, an additional support starting from L.E.200 to L.E. 1,000 for each ration card will be provided. This would entail a cost estimated at L.E. 12.25 billion to the exchequer.
The scheme is expected to benefit all segments of the economy, such as manufacturers, traders and consumers. It will encourage factories to work at their full production capacities; stimulate the demand for local products; boost the internal trade movement; meet citizens’ demands at suitable prices and increase economic growth. The government feels that these measures would limit the economic impact caused by the COVID-19 pandemic on the citizens. Besides, the scheme is designed to promote consumption of the local products, such as home appliances, electronic devices, ready-to-wear clothes, leather products, furniture, handicraft industries and other consumer goods. Hire purchase (through installments) is also promoted through the scheme.
Necessary measures and guarantees are taken to make the initiative a successful one. A comprehensive evaluation to identify the extent to which its objectives were achieved would be taken subsequently. A total 4, 231 products and 178 traders were registered as part of the initiative after their names were ratified by the Federation of Industries and Federation of Chambers of Commerce. .
