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Government Launches Local Goods Website to Boost Consumer Spending

August 3, 2020
The Ministry of Finance reported an estimated loss of EGP 130 billion in its 2019-20 budget, due to the economic impact of the COVID-19 outbreak.

The Egyptian government launched an online database of locally manufactured products in a bid to boost consumer spending to EGP 125 billion last week. The website offers local and foreign residents of Egypt discounted prices and instalment payments at a lower interest rate on a range of items, such as electronics, home appliances, furniture, and ready-to-wear clothing, with access to a reported 1178 sellers with 4.2 billion products. The cabinet announced that the products will be sold with up to a 20 percent discount, with a possible rise if the purchase is made with a government ration card. The ration card discounts will be supplemented through the Public Treasury’s EGP 12.5 billion fund, and according to a Cabinet statement, the fund is set to provide EGP 200 to EGP 1000 in support per individual. In March, Egyptian research group Pharos released findings naming the textile and electronics sectors among those expected to take a hit amidst the pandemic, due to rationed consumer spending and a drop in global and local demand for non-essential purchases, such as clothing, electronics, and furniture. The Ministry of Finance reported an estimated loss of EGP…


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