On 18 October, the House of Representatives – the lower house of parliament – passed the legislation into law.
Under the law, Egyptians, who have valid residence permits abroad and bank accounts, have the right to import one private passenger car for their personal use without paying fees or customs taxes for four months
The law was published in the official gazette on Friday.
On 12 October , the cabinet approved a bill allowing Egyptians living abroad to have one personal-use vehicle shipped to Egypt without paying customs duties or taxes, including the value-added tax (VAT) for four months in the hope of attracting foreign currency worth around EGP 50 billion ($2.5 billion) from the initiative.
El-Sisi also approved on Friday Law no 162 of 2022 on forming a supreme council for vehicle manufacturing and a fund to finance the manufacturing of eco-friendly vehicles.
According to the law which was approved by the Parliament earlier in October, the council board will be chaired by the prime minister. The board members include the ministers of planning, transport, industry, finance, and military production.
The council aims to develop and upgrade the sector of vehicle manufacturing in Egypt.
The law was also published in the official gazette on Friday.