Egypt’s Public Treasury Bears EGP 405M for Green Incentive

Egypt’s Public Treasury Bears EGP 405M for Green Incentive

Minister of Finance Mohamed Maait announced that Luxor and Aswan governates have been included in the first phase of an initiative to replace aging cars (twenty years old or older) with newer ones that run on natural gas. 

This was to implement presidential mandates to expand the base of beneficiaries of the initiative. The move will also contribute to facilitating citizens’ ownership of new cars that run on natural gas and are economically efficient, through large credit facilities, despite the unprecedented challenges the global economy is witnessing.

Egypt’s public treasury bore EGP 405 million, the value of the green incentive, for about 17,900 new cars allocated to citizens who completed their procedures on the website, including 16,750 cars, as well as 1,150 taxis and microbuses, Maait noted.

The minister stated that it is not correct to cancel the rationing decisions for the beneficiaries of the replacement of cars initiative, which does not conflict with any other initiatives. The facilities that the citizen benefits from within this presidential initiative do not affect any support and facilities decided by the state in any other initiatives.

The ministry received about 38,000 requests on the initiative’s website, and more than 17,000 aging cars that had been manufactured twenty years ago or more were scrapped Amjad Mounir, First Undersecretary of Minister and Chairman of the Vehicle Replacement Fund, said.

Sarah Samir 2782 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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