Finance minister says fund to encourage consumption to be launched soon

CAIRO - 12 July 2020: Finance Minister Mohamed Ma'it said Sunday that a proposed fund to promote consumption, which should be launched soon, is meant to give the economy a shot in the arm.

The fund-to-be aims to increase consumer capabilities among citizens, he said during the inauguration of a number of national projects earlier today.  

It will be a “holding” fund to encourage industrial, service, real estate and consumer financing companies to lend and bankroll citizens, the minister made it clear.

The proposed fund will also serve as a tool to reduce risks that face those firms through its subsidiary arms that will manage the different financial matters, Ma'it said.