Majlash’s initiative, get to know the financing banks and the commodities two weeks after their launch


About two weeks ago, the Egyptian government launched the “Mayglash Alik” initiative, with the aim of stimulating consumption and supporting the local product, after the recession caused by the repercussions of the new Corona virus.

The government has made available a website that contains all types of goods offered within the initiative and its discounts, as well as participating stores and companies.

You can browse the site from here

And to urge citizens to buy their needs at this time, the initiative granted real discounts that reached 20% on average, in addition to offering additional discounts of ten percent for all ration card holders, with a maximum of 200 pounds per person.

Available goods within the initiative

The initiative included many different commodities such as electrical appliances, which include many types such as air conditioners, televisions, refrigerators, heaters, and washing machines.

The initiative also included many products such as electronics of all kinds, which include mobiles and tablets, electrical tools and lighting, which so far includes only LED bulbs.

It also included household items, including about 92 different items from kitchen and tableware, as well as the chemical sector, which includes plastics.

The initiative also included sanitary ware such as parts saving water mixers, parts saving the rinser, and parts saving the shower.

It also included the furniture sectors, including bedrooms, sofas, toilets and others.

The initiative also included the machinery and equipment sector.

How to finance the purchase

The Myeglash Alek initiative has enabled consumers to obtain various types of financing, and it includes about four banks and a number of financing companies.

Banks and companies offer financing at low interest rates and long repayment periods of up to two years.

It includes banks

-National Bank of Egypt

-Egypt Bank

-Cairo Bank

-Commercial International Bank

Nasser Social Bank

The initiative includes other financing companies that the customer can rely on to finance the commodities he wishes to purchase, namely

– Aman affiliated with Raya Holding

– Valu, a subsidiary of EFG Hermes

Four banks, namely the National Bank of Egypt, Banque Misr, Banque du Caire and the Commercial International Bank (CIB), began promoting personal loans with the aim of highlighting their participation in the consumption stimulus initiative, “What defeats you.”

In line with the initiative, the four banks decided to reduce interest on personal loans and cancel administrative fees for a temporary period to encourage customers to increase borrowing from banks for the purpose of purchasing various commodities of durable or entertainment goods.

The specifications of a personal loan vary from one bank to another, whether in terms of the financing value, the interest rate and the repayment period.

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