The Leather Products Chamber announced a new initiative to sell locally made shoes and leather goods to public employees, with installment over a year period without interest, President of the Leather Products Chamber of the Federation of Industries, Gamal al-Samalouty said.
The Chamber discussed the initiative with Mohamed al-Sewedy, president of the Federation of Industries, who welcomed the idea and promised to provide a permanent outlet for products from the factories participating in the initiative, as to facilitate access to it by employees, Samalouty told Al-Masry Al-Youm.
A preliminary agreement was reached with the National Bank of Egypt to finance the initiative in return for a soft interest borne by the factories from the margin of profits, he added.
Samalouty pointed out that protocols would be signed with various ministries to benefit the families of the employees, as well from the initiative.
The products each employee can buy will be determined by income, he explained.
The initiative mitigates part of the burden placed on employees in light of high prices.
According to Samalouty 75 percent of the shoe industry in Egypt is imported.
He expected domestic sales to rebound by 15 percent if the initiative succeeds.
Edited Translation from Al-Masry Al-Youm
