Cairo – Mubasher: The Egyptian government has launched a new initiative to stimulate local consumption spending in cooperation with the Central Bank of Egypt (CBE), Nasser Social Bank, consumer finance firms, e-finance company, Federation of Egyptian Industries, and Federation of Egyptian Chambers of Commerce.

Manufactures agreed to offer products at discounted rates for local consumers, the minister of planning and economic development Hala El-Saeed said in a statement on Monday.

Holders of ration cards will get a subsidy of EGP 200 per individual with a maximum amount of EGP 1,000 for each card.

Some banks and consumer finance companies will take part in the initiative, raising the funding value of the initiative to EGP 10 billion.

Credit card holders can purchase products under the initiative in instalments over 12 to 24 months.

In addition, consumer finance companies will offer funding of up to EGP 100,000 to bank customers and EGP 25,000 to non-bank customers at a 1% monthly interest rate with a repayment period of up to 24 months.