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Egypt allocates EGP 13bn for local consumption initiative

Egypt allocates EGP 13bn for local consumption initiative
Minister of Finance, Mohamed Maait

Cairo – Mubasher: The Egyptian Minister of Finance, Mohamed Maait, revealed that an amount of EGP 13 billion has been allocated to ration card holders under the presidential initiative to boost local consumption, the Middle East News Agency (MENA) reported on Wednesday.

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% discounts on durable and nondurable goods, as well as a 10% additional discount for 64.5 million ration card beneficiaries.