Egypt spends EGP 465m in green stimulus, as part of obsolete vehicle replacement initiative: Finance Minister

Daily News Egypt
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Egypt’s Minister of Finance Mohamed Maait revealed that more than 20,000 citizens benefited from the presidential initiative to replace obsolete vehicles that have been manufactured for 20 years or more with new cars powered by natural gas, and received their new cars during fiscal year 2021/2022.

He pointed out that the state spent EGP 465m, which is the value of the green incentive for these cars, in a way that contributes to reducing air pollution and reducing harmful carbon emissions, and facilitating citizens’ ownership of economically-efficient models.

Maait added that the private sector is an authentic partner in the success of the presidential initiative to replace ageing vehicles, in a way that helps create more job opportunities, pointing out that Sharm El-Sheikh has been included in the initiative along with Luxor and Aswan, in addition to the governorates of Cairo, Giza, Qalyubia, Alexandria, Port Said, Suez, and the Red Sea. This confirms the state’s keenness to expand the base of beneficiaries by equipping some governorates with the required infrastructure, including natural gas stations and places for collecting old cars.

Amgad Mounir, Senior Assistant Minister of Finance and Chairperson of the Vehicle Replacement Fund, said that the Ministry of Finance is keen to overcome any obstacles facing the beneficiaries of the initiative, and to increase companies’ production of locally-made cars, pointing out that 20,200 new cars were delivered, including 10,700 passenger cars and taxis and 1,500 new minibuses.

He added that the initiative had received about 39,000 requests on the initiative’s website, and more than 19,070 obsolete cars that had been manufactured for twenty years or more were scrapped.

Tarik Awad, the official spokesman for the Vehicle Replacement Initiative at the Ministry of Finance, explained that the initiative’s administration is constantly working on following up the application procedures on its website, and adopting citizens’ suggestions in a way that contributes to overcoming any obstacles they may encounter when registering on the site, in order to facilitate procedures, and increasing the benefit of the unprecedented advantages and credit facilities offered by the initiative to encourage owners of aging cars to participate, pointing out that the initiative’s management closely follows up on all complaints it receives through a technical team that responds to any inquiries and helps in the registration process on the site.

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