Ministry of Investment proposes new economic stimulus package
Minister of Investment Ashraf Salman - YOUM7

CAIRO: The Ministry of Investment sent a proposal for the government to pump new economic stimulus package, Minister of Investment said during suhoor (a pre-dawn meal preceding the daily Ramadan fast) Tuesday.

Al-Mal reported June 26 that the government is studying pumping new economic stimulus package to promote the Egyptian economy similar to the first two that the ministry declared during 2013/2014 with 30 billion EGP and 34 billion EGP.

At the suhoor, organized by the Egyptian Association for Direct Investment, the minister said that one of the ministry’s priorities is encouraging investment in energy.

He added that the Cabinet would discuss Wednesday a plan for investing in alternative energy presented by the economic expert Hisham Tawfeq.

The Head of Regional Planning and Local Development at the Ministry of Planning told al-Maal June 26 that the ministry is studying using the revenues of the “Long Live Egypt” fund in pumping new economic stimulus package.

Prominent public figures and Egyptian citizens announced they would donate half of their salaries and assets to boost Egypt’s economy after President Abdel Fatah al-Sisi’s initiative, calling businessmen to donate for the sake of solving Egypt’s deficit.

Sisi announced June 24 during a commencement speech at the Military Academy that he would take a voluntary 50 percent pay cut, and he would donate half of his assets to Egypt.

The head of the Central Auditing Organization Hisham Genena announced in a statement on June 19 that Sisi’s monthly salary was 42,000 EGP ($5,872) maximum.

Donations from banks working in the local market to the Long Live Egypt fund have reached 250 million EGP, Governor of the Central Bank of Egypt Hisham Ramez told Youm7 July 10.

Recommend to friends

Leave a comment