The government expects to attract $2.5 billion from the four-month initiative announced recently by the government that allows Egyptians expats to import personal cars free of customs duties or taxes, the Minister of Finance Mohamed Maait said on Sunday.

Under the new law, Egyptian expats who have valid residence permits abroad and bank accounts will be allowed to import one private passenger vehicle for personal use provided it was manufactured no longer than three years before import date.

The law stipulates that expats have to use foreign currency to purchase a five-year certificate of deposit (CD), equal to the amount of taxes and customs due on the vehicle, with the finance ministry but at no interest.

At the end of the five year term, expats will be able to redeem their deposit in Egyptian pounds at the exchange rate at the time of redemption.