(4 minutes read)
· Egypt’s Minister of Trade and Industry Nevine Gamea said that the presidential initiative to convert vehicles to run on compressed natural gas (CNG) would be launched from end of March
· An agreement has been reached with Tarek Amer, Governor of the Central Bank of Egypt (CBE), to amend the conditions of participation in the initiative
· The cut-off age for applicants now stands at 60 years, rather than the previous 55 set earlier. The decision came at the request of a large number of citizens wishing to take part in the initiative.
Egypt’s Minister of Trade and Industry Nevine Gamea said that the presidential initiative to convert vehicles to run on compressed natural gas (CNG) would be launched from end of March. An agreement has been reached with Tarek Amer, Governor of the Central Bank of Egypt (CBE), to amend the conditions of participation in the initiative. New vehicles will have the facilities to run on natural gas. The protocol for this initiative will be signed between the relevant ministries, banks, car manufacturers, and insurance companies.
The cut-off age for applicants now stands at 60 years, rather than the previous 55 set earlier. The decision came at the request of a large number of citizens wishing to take part in the initiative.
Egypt’s Cabinet has agreed to grant each car owner who would benefit from this initiative 10% of the price of the new car, up to a maximum of EGP 22,000 on passenger cars. The Cabinet will bear 20% of the cost to a maximum of EGP 45,000, and 25% of the cost of microbuses, to a maximum of EGP 65,000. Governorates of Cairo, Giza, Qaliubiya, Alexandria, Port Said, Suez, and the Red Sea have been assigned plots of land suitable for scrapping and collecting cars.
Joint committee has been formed from the Ministries of Local Development, Finance, Interior, and Environment. The committee inspected 10 plots of land in these governorates, seven of which were found suitable for car scrapping.
