Egypt unveils details of consumer-spending initiative to to encourage buying local products
Two-year installment plans, e-commerce are part of gov’t consumer-spending initiative
Egypt will be offer citizen two-year, low-interest installment plans to pay for consumer goods as part of new consumer-spending initiative to to stimulate consumption and encourage demand for local products.
A dedicated online store will be created that people can use to purchase products under the installment plans.
The three-month program, which also includes discounts on selected consumer goods, will start from the end of July and expected to lead to sales in the range of 100 billion Egyptian pounds.
The government announced earlier this week a package of measures designed to support consumer spending and end the demand slump caused by the covid-19 pandemic.
The government has made agreements with manufacturers and merchants to offer 15-25% discounts on as-yet unspecified consumer goods for all citizens, and will spend between EGP 10-12 bn to subsidize a 10% discount for ration card holders.