Egypt’s public treasury has disbursed EGP 115 billion (about $47.3 billion) in green incentives to replace 5,000 obsolete taxis and private cars and 130 mini buses with new natural gas-run ones under the old vehicles replacement initiative, Minister of Finance Mohamed Maait announced on Sunday.

He added that 300 new mini buses will be delivered to beneficiaries during September on first-served basis.

“This initiative is a model of the developmental partnership with the private sector, which aims to catalyse domestic vehicle manufacturing, increasing the productive capacity and maximising the local components in all industries. That is expected to create more job opportunities and uplift the quality of the citizens’ standard of life,” Maait expounded.

The initiative also intends to spur investment in green economy-related projects, raising Egypt’s economic growth as well as foster inclusive and sustainable development.

In March, Maait lowered the qualifying conditions to replace a car more than 20 years old from three to two years.

The move comes in response to requests by many citizens who bought their cars less than three years ago.

Under the initiative, private car owners can get 10 percent off of the cost of a new car, up to EGP 22,000 (about $345), while taxi owners will get a 20 percent incentive, up to EGP 45,000 (about $707).

Since July, the finance ministry has started to receive citizens’ requests to replace their old vehicles with newer models, particularly in governorates of Cairo, Giza, Qalyubia, Alexandria, Suez, Port Said, and Red Sea areas.

The initiative is part of a nationwide state strategy to replace the old polluting vehicles with brand new natural-gas ones.