Egypt’s Finance Min. reviews details of consumption guarantee, stimulus fund – Egypttoday

Egypt’s Finance Min. reviews details of consumption guarantee, stimulus fund – Egypttoday

Egyptian currency_Reuters





CAIRO - 14 July 2020: Minister of Finance Mohamed Ma'it reviewed Monday night the most important details of launching the consumption guarantee and stimulus fund.

During his statements to Al-Arabiya channel, Ma'it said that the fund will be launched with a capital of LE 2 billion, and it will have multiple goals, including providing the necessary financing to owners of old cars who need financing with simple interest rate approaching the zero or another segment for those wishing to obtain apartments for low- income people whom social housing conditions did not meet.



Egypt's Sisi calls for new initiative to replace old cars with gas-powered vehicles



CAIRO - 12 July 2020: President Abdel-Fattah El-Sisi directed banks to provide facilities to citizens within an initiative to replace old cars with gas-powered vehicles. "The facilities must extend to include other parallel initiatives, including the provision of loans with very easy interest rate, even if it is zero percent," Sisi added Sunday during the opening of a number of national projects.

The minister said that the fund will have a role in the initiatives that the country will launch later in the framework of encouraging consumption of capital