The Central Bank of Egypt (CBE) will offer 5% interest loans to encourage car owners to transform their vehicles to natural gas-powered or mixed-fueled cars, running with both natural gas and gasoline, said Tarek Amer, CBE Governor, Egypt Oil & Gas reports.

The announcement was made after a cabinet meeting, chaired by Prime Minister, Mostafa Madbouly, on February 18th, during which the Minister of Petroleum and Mineral Resources, Tarek El Molla, submitted a report on the conversion of natural gas-powered vehicles.

The cabinet meeting discussed providing financial facilities to companies converting and supplying natural gas-fueled cars.

The ministers reviewed the possibility of a governmental commitment to convert more cars to natural gas, and the integration between the Ministry of Trade and Industry and natural gas-vehicles fueling companies to maximize the ratio of local component in the converted vehicles.