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Egypt announces insurance fees for electric, hybrid vehicles

Ahram Online , Monday 24 Jun 2019
Minister Kabil opens electric vehicle charging station
File Photo: Egypt's Minister of Trade Tarek Kabil (L) opens country's first electric vehicle charging station in 2018. (Photo: Ahram Auto)
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Egypt's Financial Regulatory Authority has announced the new insurance fees to be applied to hybrid and electric vehicles.

The authority said that the current insurance fees on fast vehicles will be applied to electric and hybrid cars.

The fees for electric motorbikes with a rearward storage compartment, for four-wheeled motorbikes, or for taxi motorbikes will be EGP 150 annually.

The insurance fees are required for annual relicensing of vehicles.

Fees can be paid in monthly instalments.

In May, the interior ministry granted electric vehicle owners temporary licensing under customs provisions, as there were no existing regulations on fees for electric vehicles.

Egypt is aiming to boost the use of renewable energy in a number of sectors as part of its sustainable development plan.

The country’s first electric vehicle charging station opened in February last year on the Cairo-Suez highway.

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