Cairo – Mubasher: Egypt is set to launch the presidential initiative for consumption stimulation before the end of July, the country’s finance minister Mohamed Maait said.

The three-month initiative is aimed at encouraging citizens of different segments of society to buy local products, especially durable and nondurable consumer products, Maait added in a statement on Tuesday.

This move will help boost economic activities and drive consumption spending which slowed down due to the coronavirus (COVID-19) crisis, he noted.

Holders of ration cards will get a 10% additional discount on all durable and nondurable consumer products. The additional discount will cost the state treasury EGP 12 billion during fiscal year 2020/2021.

In addition, products will also be available online on two-year instalment plans.