Egyptians from seven governorates submitted 58,745 applications to convert their old fuel-powered cars to the locally manufactured hybrid vehicles.
The applications were submitted as part of the first stage of the presidential Go Green initiative, Minister of Finance Mohamed Maait said on Wednesday.
Filing requests for conversion became available starting 4 January on the website www.gogreenmasr.com.
Maait said the initiative came into real effect as of mid-March after updating the website, adding that the initiative’s website has been integrated with the online system of the Central Traffic Department that examines the data of the applicants.
He noted that the cabinet approved to extend a 10 percent green incentive from the total cost of the vehicle with a maximum of EGP 22,000 for private cars, and a 20 percent green incentive from the total cost of taxi cars with a maximum of EGP 45,000. He added that the finance ministry is responsible for disbursing the incentive as a deposit when purchasing the new hybrid car.
The initiative is being implemented in collaboration with five ministries, the Central Bank of Egypt (CBE), 31 banks operating in the Egyptian market (representing 81.6 percent of the Egyptian banking sector), Misr Insurance Company, Misr Life Insurance, as well as four companies that manufacture private vehicles and taxis, stated Maait.
“The initiative is a model of cooperation between the government, private sector, and the banking system. It aims at localising the car industry and related industries in the Egyptian market, creating job opportunities, upgrading services, and conserving the environment by reducing gas emissions and rationalising fuel consumption,” said Maait.
He added that the initiative targets locally manufactured vehicles with 45 percent local components, especially that Egypt has become one of the markets that manufacture and export auto components globally.
In January, Egypt held its first Go Green Expo to showcase technologies of converting fuel-run vehicles to operate on natural gas.
President Abdel-Fattah El-Sisi earlier stated that the government will offer low-interest facilities for citizens with long-term instalment programmes to encourage them to replace their old cars without bearing additional financial burdens.
Go Green targets reducing fuel imports, decreasing harmful emissions, protecting the environment, ensuring the safety of drivers and passengers, and revitalising the untapped vehicle factories in Egypt.