By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Mountain View Sets New Standards for Life Experiences Built On the Science of Happiness at iCity
    September 22, 2023
    Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
    Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
    September 21, 2023
    ABB allocates €13bn for green transformation by 2030
    ABB allocates €13bn for green transformation by 2030
    September 21, 2023
    DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
    DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
    September 21, 2023
    Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
    Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
    September 21, 2023
  • Politics
    PoliticsShow More
    Egyptian Health Minister highlights country's interest in local drug manufacturing
    Egyptian Health Minister highlights country’s interest in local drug manufacturing
    September 21, 2023
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    September 20, 2023
    Egypt and EU co-chair GCTF meeting, reaffirm commitment to fighting terrorism
    Egypt and EU co-chair GCTF meeting, reaffirm commitment to fighting terrorism
    September 20, 2023
    Children dying in Sudan amid healthcare system collapse
    Children dying in Sudan amid healthcare system collapse
    September 20, 2023
    Egypt to announce presidential election timetable on Monday
    Egypt to announce presidential election timetable on Monday
    September 20, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Converting, replacing cars to natural gas: What you need to know
Share
Notification
Latest News
Mountain View Sets New Standards for Life Experiences Built On the Science of Happiness at iCity
Real Estate
Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Business
ABB allocates €13bn for green transformation by 2030
ABB allocates €13bn for green transformation by 2030
Business
DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
Business
Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Automotive > Converting, replacing cars to natural gas: What you need to know
Automotive

Converting, replacing cars to natural gas: What you need to know

Daily News Egypt
Last updated: 2021/01/12 at 10:20 AM
By Daily News Egypt 6 Min Read
Share
Egypt's Minister of Trade and Industry Nevine Gamea announced that preparations are underway to organise the first exhibition for replacing and conversion of vehicles to compressed natural gas (CNG) next January
SHARE

The actual steps to implement the Go Green Exhibition, which took place on 4-6 January, began with directives issued by President Abdel Fattah Al-Sisi during the opening of the Al-Asmarat project’s third phase on 12 July 2020.

Contents
Go Green exhibition, participating parties introducedSteps to apply for the initiative:Car companies and models availableParticipating banksSupporting fuel outletsTraders’ opinions

The presidential directive has called for work to be undertaken to activate a national initiative to replace vehicles that have been in use for 20 years or more, and replace them with modern dual-fuel ones. The directive comes in the context of achieving nationwide sustainable development.

During a meeting with Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Wealth Tarek El Molla at the end of 2020, President Al-Sisi issued instructions to increase the incentives for the initiative to convert aging vehicles.

Go Green exhibition, participating parties introduced

The Go Green Exhibition was organised by the Ministry of Industry and Trade, with the participation of the: Ministries of Finance, Transport, Military Production, Higher Education and Scientific Research, Local Development, and Environment; the Arab Organization for Industrialization (AOI); the Micro, Small and Medium Enterprises Development Agency (MSMEDA); nine banks; as well as Gastec and Cargas.

The exhibition aimed to attract owners of vehicles that are over 20 years in age to take part in the initiative that will see old vehicles scrapped in exchange for newer vehicles. Vehicle owners will also be able to make use of financing initiatives providing loans with a 3% interest rate, and which can be repaid in instalments of up to 10 years.

 

Steps to apply for the initiative:

1- Register via the initiative’s website.

2- Applicants should be between 21 and 55 years of age.

3- Applicants should also hold valid driving and car licences.

4- A photocopy of the beneficiary and guarantor’s ID card should be provided.

5- Applicants should also provide documents proving residence, along with utility bills.

6- Applicants should also obtain a scrapping certificate for their old vehicle.

7- Applicants should choose a bank from which to obtain the loan.

8- There should also be a commitment to paying the due amount and proving the financial ability to pay with a statement of monthly income or title deeds

9- The repayment period is up to 10 years, including a grace period of three months only.

 

Car companies and models available

About 20 car companies participated in the exhibition, most notably: Mansour; Modern Motors; Ghabbour Auto; Dynamics Distribution; Nissan; Egyptian International Motors EIM; Arab Group for Trade and Distribution; Geoshi Motors; King Long Egypt; Al-Amal for Manufacturing and Assembling Cars; and Itamco.

Ghabbour Auto, the exclusive agent for Hyundai in Egypt, has placed the Accent and Elantra HD models within the initiative, along with the electric vehicles the Ioniq Hybrid and Kona.

The Egyptian International Automobile Company is offering the Kia Sorento model, which works on gas, and the Optima, which features both an electric engine and a petrol one.

The Nissan Sunny and Nissan Sentra were also available while Dynamics Distribution, the agent for Fiat in Egypt, offered Fiorino and Doblo and two transport trucks.

The Al-Amal Company entered the exhibition with the Lada Granta, BYD, and the King Long microbus.

Mansour introduced the MG5, Chevrolet Optra, Aveo, N300 gas van, and EZS electric car as part of the initiative, whilst Suzuki Egypt offered the DZIRE and Alto, as well as the Super Carry van.

 

Participating banks

The Egyptian banks participating in the initiative include: the National Bank of Egypt (NBE); Banque Misr; Banque du Caire; the Commercial International Bank (CIB); the Arab African International Bank (AAIB); QNB Alahli; the Export Development Bank of Egypt (EBE); and the Suez Canal Bank (SCB).

 

Supporting fuel outlets

The Natural Gas Vehicles Company (Car Gas) will establish 170 natural gas stations during 2021, at a value of about EGP 2.5bn, or a cost of EGP 15m per station. The move is aimed at keeping pace with the initiative to replace vehicles to work with clean energy.

 

Traders’ opinions

Osama Aboul Magd, Chairperson of the Egyptian Automotive Dealers Association, expects a slump in used car sales during the coming period.

He ruled out the possibility of replacing all cars, and asked for the implementation of a list of old luxury models and other cars that have not been damaged by the passage of the time. This would include vehicles that have a mileage of not greater than 120,000 km.

Whilst he praised the loan incentives and repayment plan, Aboul Magd demanded that the loan percentage for the provider of the new vehicles should reach EGP 120,000, instead of EGP 60,000. This would compensate citizens with a sufficient amount.

For his part, Mahmoud Hammad, head of the used car sector at the Traders Association, praised the replacement initiative and the revitalization of the modern car market.

The participating agents called for the initiative to increase the production of new cars due to the massive demand they will witness during the coming period.

You Might Also Like

Genesis G70 enhanced version starts production in Middle East

Presidential initiative to replace obsolete vehicles costs EGP 675m: Finance Minister 

Egypt’s classic car treasures on display at Baron Hotel Cairo

Toyota Egypt Group, Edraky LLC celebrate 1st implementation of phase 1 SAP S4 Hana & Proaxia VSS globally

Abou Ghaly Motors ranks 1st in Africa, 6th worldwide as GEELY Auto agent for 2022

TAGGED: Cars, Go Green Exhibition, vehicles
Share this Article
Facebook Twitter Email Print
Previous Article High turnout in vehicle replacement scheme at Go Green Exhibition High turnout in vehicle replacement scheme at Go Green Exhibition
Next Article Contracting procedures for old car replacement standardised across all banks: Trade Minister
Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Mountain View Sets New Standards for Life Experiences Built On the Science of Happiness at iCity
Real Estate
Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Business
ABB allocates €13bn for green transformation by 2030
ABB allocates €13bn for green transformation by 2030
Business
DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?