President Abdel-Fattah El-Sisi said on March 22 the Central Bank of Egypt (CBE) will allocate EGP 20 billion to support the stock Exchange during the economic slowdown caused by the coronavirus pandemic, Invest-Gate reports.
During his first speech since the coronavirus (COVID-19) outbreak, El-Sisi has urged citizens to strictly comply with the series of sweeping measures the country has been taking to curb the pandemic spread.
The government has taken major steps to limit the spread of the virus, including suspending international flights, halting all activities at mosques and churches, shutting schools and universities, while closing malls and restaurants every day from 7 pm to 6 am.
Earlier in March, Egypt’s Cabinet, headed by Prime Minister Mostafa Madbouly, decides to grant real estate tax relief for all businesses operating in the industrial and tourism sectors for a time period of three months.
Last week, El-Sisi also instructed the government to allocate EGP 100 billion to finance a “comprehensive plan” to combat against the virus.