Minister of Finance Mohamed Maait said that there is a presidential mandate to maximise efforts to transition to a green economy in conjunction with preparations to host the UN Conference of Parties on Climate Change (COP 27), which will be held in Sharm El-Sheikh this November.
“We aim to increase budgetary allocations for environmentally friendly projects to 50% of public investments in order to open new horizons for development partnership with the private sector, which helps enhance the economy and generate more jobs,” Maait added.
In a statement issued by the Ministry of Finance on Sunday, Maait said that over the next few days, a presidential initiative will be launched to replace old vehicles that have been manufactured for 20 years or more in Sharm El-Sheikh with new natural gas-powered cars.
This step is in line with the state’s efforts to deal with climate change and reduce carbon emissions. It is also in line with the UN’s sustainable development goals and Egypt’s 2030 Vision.
Amgad Mounir — First Assistant Minister and Chairperson of the Board of Directors of the Vehicle Replacement Fund at the Ministry of Finance — said that a plot of land was provided and equipped to be used as a yard for collecting old cars in South Sinai, adding that it meets the technical and environmental conditions imposed on such establishments.
He explained that continuous coordination is taking place with representatives of car companies to facilitate the procedures for handing over new cars to beneficiaries of the initiative. He also pointed out that there is coordination with the Central Bank of Egypt (CBE) and an agreement with the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, QNB, CIB, AAIB, HDB, and the Suez Canal Bank to provide 12 branches in Sharm El-Sheikh to serve those wishing to join the initiative and meet its conditions.
Tarek Awad — Official Spokesperson for the Vehicle Replacement Initiative at the Ministry of Finance — said that citizens who own old cars that were licensed in Sharm El-Sheikh can apply for the initiative through a website as soon as it is launched. He also explained that the electronic linking process with the General Directorate of Traffic Information Systems has been completed.
Furthermore, Awad said that training and awareness workshops were held for the representatives of the branches of the participating banks in the city, the Sharm El-Sheikh Traffic Unit, financial affairs specialists, and officials of the scrapping yards in the governorate to inform them of the documents required to be verified and reviewed to finalise the procedures for disbursing the green incentive.