Egypt’s Public Treasury has spent EGP 115 million in green incentives to replace 5,000 obsolete taxis and private cars as well as 180 minibuses with natural gas vehicles, Minister of Finance Mohamed Maait announced.
He added that 300 minibuses will be delivered to beneficiaries during September.
“This initiative serves as a model of developmental partnership with the private sector, aimed at boosting domestic vehicle manufacturing, increasing production capacity and maximizing local components in all industries,” Maait remarked.
Most importantly, the initiative also intends to stimulate green economy-related projects, thus, raising Egypt’s economic growth and mitigating the impacts of carbon emissions.
Under the initiative, private car owners can get a 10 % discount on the cost of the new car, up to EGP 22,000 , whereas taxi owners will get a 20 % discount, up to EGP 45,000.