Egypt’s Finance Minister Mohamed Maait announced that more than 28,000 new environmentally friendly vehicles have been delivered under a presidential initiative to replace old vehicles.
Despite economic challenges such as supply chain disruptions and inflation, the initiative has enabled beneficiaries to acquire current models at below market prices and with installments payable over seven or 10 years.
The initiative, which was launched in March 2021, will enable beneficiaries to trade in vehicles that are more than 20 years old.
The government has demonstrated its commitment to promoting environmentally friendly modes of transportation by allocating EGP 718 million in green incentives for these vehicles. Participants will also benefit from a 3 percent flat annual interest rate, reduced insurance premiums, and free EGP 100,000 personal accident insurance for drivers.
The initiative has expanded to multiple governorates, including Cairo, Giza and Alexandria, broadening the scope of the program and reflecting the government’s goal to promote green transportation nationwide. The initiative is in line with accelerating the green transition, promoting environmentally friendly vehicles and localizing the automotive industry.
The minister stressed the continued efforts towards developing Egypt’s automotive sector, aiming to establish the country as a regional hub for vehicle manufacturing and export.
The government envisions a future in which electric vehicles will gradually replace conventional cars, contribute to the expansion of clean energy, reduce dependency on petroleum products, and ease the economic burden on citizens.
