Micro, Small and Medium Enterprise Development Agency (MSMEDA) funded 34,400 vehicles to operate with gas via EGP 274 million, Almal News reported.
MSMEDA CEO, Nevin Gamea, stated that President Abdel Fattah El Sisi is personally concerned with turning diesel and fuel-powered vehicles into gas-powered ones in the upcoming period.
She said, “he succeeded in turning individuals’ cars through Car Gas and Gastec companies since the moment he has been involved.”
This was on the sidelines of the media forum held by MSMEDA, as Nevin also added that MSMEDA is part of the team formed by the Prime Minister to handle the bi-fuel vehicles program, headed by Mohamed El Assar, the Minister of Military Production, and joined by members form the Central Bank of Egypt (CBE) and the Ministry of Petroleum.
Tarek Amer, the CBE Governor, said for his part that financing the transformation process will be with an interest rate of only 5% for trucks’ and taxis’ owners.
Moreover, the Egyptian Government is studying the license issuance needed for fuel stations to be dependent on the availability of diesel, octane, natural gas and electricity altogether.