Egypt disbursed EGP 37.3 million as green incentives for citizens who wanted to replace their old cars with new vehicles that run on natural gas, Minister of Finance Mohamed Maait announced on Wednesday.
Maait clarified that the sums were disbursed from April, when new car deliveries were begun, through July, adding that 3,000 cars were handed in this period.
Some 1,700 natural gas-run cars are expected to be delivered to their new owners in August as part of the government efforts to accelerate green transformation and consume clean energy resources, according to Maait.
Egypt launched in March the presidential initiative to replace old cars with new vehicles that run on natural gas.
CEO of of the initiative Amgad Mounir stated that 3,472 old cars were scrapped, adding that the initiative received 217 requests from old minibus owners to obtain new cars that run on natural gas in the governorates where the first phase of the initiative was implemented.
Under the initiative, the natural gas-run cars are required to be assembled in Egypt with at least 45 percent of their components manufactured locally.
The Ministry of Finance, through its Fund to Finance the Purchase of Certain Express Transportation Vehicles, manages the mechanism of the presidential initiative and its electronic platform.