Egypt's treasury bears LE 73.3M as part of vehicle replacement initiative

CAIRO – 4 August 2021: Egypt’s Minister of Finance, Mohamed Maait, said that the state treasury bore LE 73.3 million in value of the green incentive during the period from April to the end of July 2021 in light of the presidential initiative to replace aging vehicles with new cars powered by natural gas.

The minister indicated in a statement issued Wednesday that 3,000 citizens have acquired their new cars since the start of delivery in April to the end of July 2021.

The Egyptian Ministry of Finance revealed that 1,700 new cars were delivered to beneficiaries of the presidential initiative to replace aging cars with natural gas during August 2021.

Chairman of the Board of Directors of the Vehicle Replacement Fund at the Ministry of Finance, and Executive Director of the initiative to replace aging cars with new ones powered by natural gas, Amgad Mounir confirmed that 3,472 old cars have been scrapped so far.

Mounir stated that the initiative received 217 requests to replace aging microbus cars with new ones powered by natural gas, in the governorates of the first phase: “Cairo, Giza, Qalyubia, Alexandria, Suez, Port Said and the Red Sea” through the presidential initiative’s website: www.gogreenmasr.com, and 301 requests for cars in the Port Said free zone, and this is since the opening of registration for cars in the Port Said free zone within the framework of the initiative on July 4, 2021.

He pointed out that the government, the banking sector, car production companies, and insurance companies participating in the initiative are keen to overcome all obstacles for citizens wishing to join the initiative, and provide them with facilities, the most important of which are: facilitating credit inquiry procedures in banks; This helps reduce the time required to issue the final approval to finance the car, and reduce cases of refusal to not infer the place of residence or work place, by allocating spaces on the initiative’s website to record additional data that includes the workplace, current residence, net income, and the land phone number.