‘Tahya Misr’ fund allocates EGP 167m to finance Taxi of Governorates

Last updated: January 11, 2016 5:58 pm

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The government is proceeding with the third phase of its project to replace old taxis, previously delayed by procedural obstacles (DNE Photo)

The “Tahya Misr” fund seeks to contribute financing the Taxi of Governorates project for youths by allocating EGP 167m to fund the first phase of the project, which includes 1,000 taxies in nine governorates.

The project aims to purchase taxis, then sell them with repayment facilitations to drivers across governorates nationwide.

Head of the Tahya Misr Fund Mohamed Ashmawy told Daily News Egypt that 8,000 youths applied for the project, but only 1,000 applicants will be chosen to receive the funds during January.

Ashmawy said the 1,000 vehicles will be distributed; 100 in Assiut, 70 in Luxor, 200 in Menufiya, 50 taxies in 10^th of Ramadan, 80 in Wadi El-Gedid, and 100 in Fayoum, Sharqeya, Damietta, Kafr El-Sheikh, and Qena each.

The applicants must be above 30 years old and under 45 years and should have a guarantor for repayment.

The terms of the loan also include a contribution from the applicant worth EGP 23,700 and a repayment period of six years with a fixed interest rate of 5%, including a grace period of one month.