CBE details presidential initiative to switch to dual-fuel vehicles

CAIRO - 5 January 2021: The Central Bank of Egypt (CBE)’s board of directors has launched an initiative to offer a sum of LE 15 billion with an interest rate estimated at 3 percent in light of President Abdel Fattah El Sisi’s directives to the government to replace vehicles with dual-fueled ones.

The CBE said in a statement Tuesday that the sum allocated shall be granted to individuals wishing to switch to dual-fuel vehicles.

The initiative aims to encourage citizens to use dual-fuel vehicles through providing the financing required at low interest rates, the CBE said.

It added that the payment period shall range from 7 to 10 years.