Egypt launched an initiative to stimulate consumption and encourage demand for local products to help citizens of limited income, which will ease the impact of the coronavirus pandemic, announced Finance Minister Mohamed Mait.
The Finance Ministry issued a statement Saturday saying that the EGP12.5 million-presidential initiative will kick off on Sunday and offer a discount of up to 20 percent on goods.
He pointed out that the objectives of the initiative are to stimulate consumption and local trade, which will double production at factories, and thus increase employment opportunities, which will be reflected on the economy through raising growth rates and creating job opportunities.
The Minister revealed the types of commodities listed under the initiative include durable goods, such as refrigerators, washing machines, furniture, clothes and sanitary ware.
He explained that this will allow sale by installments through financing goods at low interest rates in cooperation with some Egyptian banks and consumer finance companies.
Meanwhile, Tarek Real Estate Investment and Development inaugurated a complex to market local products in various industrial and commercial fields estimated at billions of dollars.
The company said in a press statement Saturday the Cairo mall covers an area exceeding 54,000 square meters, making it the largest in the country in terms of service and space.
The statement the location was chosen in the vicinity of the industrial zone in the 6th of October city to promote various Egyptian industries and help a number of factories to compete and reach the consumer.
