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Sunday, 26 July 2020

Egyptian government program to boost consumer spending goes live today

Gov’t program to boost consumer spending goes live today: A government initiative that aims to stimulate some EGP 125 bn-worth of consumer spending is launching today, cabinet said in a statement on Wednesday. All consumers (Egyptian and foreign residents alike) can buy select goods including electronics, appliances, clothes, leather products, and furniture through a dedicated website set up by the government. The same products will be available on sale in stores at the same time. Nearly 1.2k manufacturers and merchants have reportedly signed up to offer discounts on some 4.2k products. Terms and conditions of the program are online here; there is no limit for individual buying under the program.

In a related program, families on ration cards will get up to EGP 1k in additional spending power under the program. The statement suggests the government has earmarked as much as EGP 12.25 bn providing an additional EGP 200 per family member to a maximum of EGP 1k per qualifying family for spending under the program.

The program looks set to last until at least January 2021. Sources cited by the local press said that the initiative will run for the next six months instead of three months as originally announced by Finance Minister Mohamed Maait. The program may then be extended further into 2021 if it proves successful, they said.

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