Egypt’s Finance Minister Mohamed Maait affirmed that the government aims to expand the presidential initiative to replace obsolete vehicles that have been manufactured 20 years or more ago with new cars powered by natural gas, in conjunction with the upcoming COP27 conference, by including new cities.
Maait said in a statement on Saturday, that Luxor and Aswan governorates will participate in the initiative; in a way that contributes to increasing the number of beneficiaries of the green transformation, and the transition to clean energy, pointing out that in coordination with the governorates of Aswan and Luxor, and two plots of were allocated for scrapping old cars.
Maait said: “We are keen to overcome any obstacles facing the initiative, increase the companies’ production of locally made cars, and make it easier for citizens to replace their obsolete cars, as some new modifications were made to the website starting in mid-September, the most important of which are: Completing the preparation for electronic payment of instalments.
He pointed out that the state spent EGP 570m, 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.
Amgad Mounir, Senior Assistant Minister of Finance and Chairperson of the Vehicle Replacement Fund, said that the initiative provides its beneficiaries with many advantages, mainly the green stimulus, the lowest bank interest rate, and the longest payment plan with no down payment. The price of the car is inclusive of natural gas equipment, with a 50% discount on insurance policies (accidents and life insurance).
He explained that the initiative’s management team from the Ministry of Finance trained workers in the two governorates and 22 branches of the participating banks to facilitate the initiative’s procedures, pointing out that the application for the initiative has conditions and controls.
Tamer Abdel-Zaher, the spokesperson for the initiative, said that 23,730 new cars were delivered and more than 23,447 obsolete cars were scrapped. The initiative’s management agreed to include the Golden Dragon 14 passenger microbus in the initiative.