More than 28k vehicles successfully imported as part of initiative to replace older cars, Maait

Cairo – June 23, 2024: Egypt has imported over 28,000 eco-friendly vehicles as part of its initiative to replace old or obsolete cars on Egyptian roads in favor for greener alternatives.

In an official statement, Minister of Finance, Mohamed Maait, explained that the government is providing participants with current-year models at below-market prices as well as a 7- and 10-year installment plan with a 3 percent flat annual interest rate.

Launched in 2021, the initiative enables citizens to request a replacement for vehicles over 20 years old as part of a presidential initiative to eliminate obsolete vehicles and boost green transformation efforts.

With the purchase, participants will receive reduced insurance costs, and a complimentary LE 100,000 personal accident insurance policy for the driver.

Pushing its sustainable business strategy, the government has urged local businesses and manufacturers to establish smart products and solutions to accelerate the growth of the local vehicle manufacturing and automotive industry.

Egypt allocated around LE 718 million in green incentives to promote the integration of eco-friendly vehicles.

According to Maait, the initiative has expanded to various governorates including Cairo, Giza, Alexandria, Sharm El Shiekh, Qalyubia, Ismailia, Beni Suef, and more.

Maait highlighted the ongoing efforts to develop the local automotive industry, with the government aiming to develop Egypt into a regional hub for car manufacturing and export.

According to the recent Global Electric Mobility Readiness Index (GEMRIX) 2023, Egypt ranked 28th as a “starter market” with significant potential for early infrastructure development.

The report noted that experts estimated that there are around 3.5-4 thousand electric cars on the road in Egypt — up from about 1,000 to 1,800 in 2021.