File Photo: File photo showing new cars in a parking lot in Cairo. Photo: Reuters
So far, nearly $799 million has already been transferred into Egypt, Gendy added.
The minister said payment orders have been issued for 602,277 cars since the initiative's launch in October 2022, with 29,475 vehicles released from customs.
The two-phase scheme ended on 30 April, but the government approved a 30-day grace period for those who had already registered but encountered difficulties transferring the deposit.
The initiative allows expatriates to bring one personal-use vehicle to Egypt without incurring customs duties or taxes, including the value-added tax (VAT).
Egyptians living abroad should make a five-year bank deposit in foreign currency.
After five years, expatriates can withdraw their money in Egyptian pounds according to the local currency exchange rate at the time of withdrawal, importing their vehicles without customs charges.
The initiative is part of Egypt's broader efforts to bolster foreign currency inflows into the economy.\
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