The Chairman of the Egyptian International Gas Technology (Gastec), Abdel Fattah Farahat, has signed the fourth phase of the funding contract for converting cars to run on dual fuel (natural gas- gasoline) with the Micro, Small and Medium Enterprises Development Agency (MSMEDA) worth EGP 10 million under the presidential initiative to expand the utilization of natural gas as a fuel for vehicles, a statement by Gastec reported.
This funding phase targets conversion of 1,250 cars and is the fourth one from total sixth stage contract costs EGP 40 million including EGP 10 million for each phase and targeting conversion of 5,000 cars. Gastec is currently coordinating with the MSMEDA to sign the seventh stage contract which is expected to be signed in January 2021 under the presidential directives.
Gastec has facilitated loans in cooperation with MSMEDA to help citizens converting their cars to run on natural gas at the lowest interest and longest repayment period, during the past years.
It is worth noting that the third phase of the contract was signed in November.