1 billion-loan project to support local products

The Egyptian Cabinet has approved a Central Bank allocation of LE 1 billion for a pilot project aimed at encouraging the purchase of locally made goods.

Minister of Supply and Home Trade Hassan Khedr announced yesterday that the project would make loans available to civil servants on the condition that the funds be used to purchase Egyptian finished goods. The loans will be repaid in installments deducted from the employees' salaries.

If the loan project is successful, the project will be expanded, Khedr said.

He said his ministry was also discussing the possibility of using magnetic smart cards to encourage consumers to increase their buying activities. The step is one of many aimed at activating the local market which has been gripped by a state of recession for three years.

The minister said that it has been decided to establish 234 new markets at governorates nationwide to activate the buying and selling movement along with securing the products and commodities for consumers within the efforts of raising the efficiency of home trade.