Egypt assigns EGP 13bn for low-income under consumer spending initiative

Egypt’s finance ministry revealed that an amount of 13 billion Egyptian pounds has been allocated to ration card holders under the presidential consumer-spending initiative according to the Egyptian Minister of Finance, Mohamed Maait.

This statement came during an event held on Tuesday to honor the merchants who generated the highest sales under the three-month initiative.

Maait noted that the initiative, ending on 26 October, is aimed at boosting demand and accelerating growth in consumer spending.

It included up to 20 percent discounts on durable and nondurable goods, as well as a 10 percent additional discount for 64.5 million ration card beneficiaries.

Egypt’s ministry of finance has launched its consumer-spending initiative to provide citizens with discounted goods and to promote local products with discounts reaching 20 percent in July.