CBE to Offer Loans for Natural Gas Vehicle Conversion

CBE to Offer Loans for Natural Gas Vehicle Conversion

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.

Sarah Samir 2944 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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