 |
| |
Egypt Provides $28m Green Incentives For Vehicle Replacement | |
| Staff Writer |
Minister of Finance Mohamed Maait said in an official statement on October 8th that Egypt’s public treasury has afforded more than EGP 570 million as green incentives for the obsolete vehicles replacement initiative to mitigate air pollution and reduce carbon emissions.
 |
Maait also noted that the government is seeking to expand the initiative in tandem with hosting the 27th session of the UN Climate Change Conference (COP27) by adding new cities and governorates.
Luxor and Aswan governorates were added to the initiative, he added.
In mid-September, the initiative’s website was updated to include the e-payment method the value for paying installments, enabling those who seek to join the initiative to learn about the prices of vehicles as well as the monthly installments over 7 and 10 years, Maait revealed.
Chairman of the Board of Directors of the Vehicle Replacement Fund at the Ministry of Finance, Amgad Mounir, commented that the initiative offers many benefits, including green incentives, the lowest interest rates, the longest term of payment, no mandatory down payment for the new cars, and 50% discount on insurance policies.
Moreover, the initiative’s spokesman, Tamer Abdel Zaher, announced that 23,730 new cars have been delivered, while more than 23,447 old cars scrapped.