Minister of Finance Mohamed Maait
The initiative is in line with Egypt Vision 2030 that adopts the UN sustainable development goals.
Maait said the public treasury disbursed EGP 405 million in green incentives for vehicle owners, adding that the first phase of the initiative covers the governorates of Cairo, Giza, Qalioubiya, Alexandria, Suez, Port Said, the Red Sea, Luxor, and Aswan.
Under the initiative, the new vehicles that run on natural gas have to have 45 percent of their components manufactured locally.
“The government introduced significant credit facilities for the beneficiaries despite the global economic challenges, including the increase in inflation rates, prices, and shipping cost,” Maait said.
The initiative is meant to attract investors to green projects and localise new industrial activities by recycling old spare parts using safe methods and eco-friendly technologies, he added.
It also contributes to curbing air pollution and carbon emissions, Maait stated.
CEO of the initiative Amgad Mounir stated that over 17,000 old vehicles were scrapped, adding that the initiative received 38,000 requests on its website to replace old vehicles with cars that run on natural gas.
The initiative offers a set of green incentives, such as a 10 percent reduction on the price of new private vehicles, up to EGP 22,000, said spokesperson of the initiative Ahmed Abdel-Razek.
The initiative extends a 20 percent reduction on the price of taxis, up to EGP 45,000, and 25 percent on the price of minibuses, up to EGP 65,000, he added.
The initiative’s support team replies to inquiries on its Facebook page and hotline 15707, the spokesman said.
Participants in the initiative include the banking sector, car manufacturing companies, and insurance firms.