Finance Minister Mohamed Maait decided to lower the conditions for ownership of vehicles manufactured 20 years ago or more to qualify for a new replacement car from three to two years.
The move comes in response to requests by many citizens who bought their cars less than three years ago.
In a statement, Maait said that the number of applications submitted for replacing old vehicles by new ones running on natural gas reached 59,365 till 18 March.
Under the initiative, private car owners can get 10 percent off of the cost of a new car, up to EGP 22,000, while taxi owners will get a 20 percent incentive, up to EGP 45,000.
Car and taxi owners have to submit their requests on www.gogreenmasr.com to join the first phase of the green incentive initiative which covers the governorates of Cairo, Giza, Qalioubiya, Alexandria, Suez, Red Sea, and Port Said.
This initiative finances new cars for the owners of 20-year-old-plus cars at an annual interest rate of three percent, with the loan to be repaid in monthly installments over a period ranging from seven to 10 years unless the car owner requests to pay the installments over a shorter period.