- Title: Egypt to allocate 20 bln Egyptian pounds to support bourse
- Date: 22nd March 2020
- Summary: CAIRO, EGYPT (MARCH 22, 2020) (REUTERS) VARIOUS OF WORKERS DISINFECTING METRO PLATFORM PEOPLE BOARDING METRO / WORKER DISINFECTING PLATFORM PEOPLE WEARING PROTECTIVE MASKS AND WALKING IN METRO STATION VARIOUS OF WORKER DISINFECTING METRO TURNSTILE
- Keywords: Bourse Coronavirus Egypt Egypt Stock Exchange Health President Abdel Fattah al-Sisi
- Reuters ID: LVA001C64UF6D
- Location: CAIRO, EGYPT
- City: CAIRO, EGYPT
- Country: Egypt
- Duration: 00:00:28
- Aspect Ratio: 16:9
- Topics: Budget/Taxation/Revenue,Government/Politics
- Story Text: Egypt will allocate 20 billion Egyptian pounds ($1.27 billion) to support the stock exchange, President Abdel Fattah al-Sisi said on Sunday (March 22), after share prices were battered by the economic impact of the spreading coronavirus.
The government had already announced a raft of measures aimed at protecting the economy against the global repercussions of the spread of the coronavirus, including a 3 percent interest rate cut, reducing energy prices for industrial users and cutting the tax on company dividends.
Egypt's blue chip index EGX30 has plunged over 30 percent since late February, when coronavirus fears escalated, but it rose 5.9 percent in trading on Sunday, with 25 of the thirty stocks in the index rising.
Sisi had ordered the allocation of 100 billion Egyptian pounds ($6.37 billion) to finance a "comprehensive" state plan for tackling the disease.
The outbreak - which is having a crippling impact on the global economy - is set to damage Egypt's vital tourism sector, which accounts for about 12 percent of gross domestic product.
On Sunday, Egypt began disinfecting its public transportation system, deploying cleaning teams to metro and bus stations in an attempt to curb the spread of the virus in a country of 100 million.
The country has so far registered 294 cases of the respiratory disease, including 10 fatalities, the health ministry said on Saturday.
Sisi also said that Egypt had enough strategic reserves of basic foods such as rice and sugar and that there was no need for people to rush to stock up.
(Production: Sherif Fahmy, Sayed Sheasha, Nadeen Ebrahim)
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