The government is footing a significant part of the bill for the new vehicles, providing participants with current-year models at below-market prices as well as a 7- and 10-year installment plan with a 3% flat annual interest rate
Over 28k of new eco-friendly vehicles have been successfully delivered to Egypt under the presidential initiative to replace older generation vehicles with newer natural gas-powered vehicles, explained Minister of Finance, Mohamed Maait.
Launched in 2021, the initiative enables citizens to request a replacement for vehicles over 20 years old as part of a presidential initiative to eliminate obsolete vehicles and boost green transformation efforts.
The government is footing a significant part of the bill for the new vehicles, providing participants with current-year models at below-market prices as well as a 7- and 10-year installment plan with a 3% flat annual interest rate.
With the purchase, participants will receive reduced insurance costs, and a complimentary EGP 100k personal accident insurance policy for the driver.
Pushing its sustainable business strategy, the government has urged local businesses and manufacturers to establish smart products and solutions to accelerate the growth of the local vehicle manufacturing and automotive industry.
Egypt allocated around EGP 718 million in green incentives to promote the integration of eco-friendly vehicles.
According to Maait, the initiative has expanded to various governorates including Cairo, Giza, Alexandria, Sharm El Shiekh, Qalyubia, Ismailia, Beni Suef, and more.
Maait highlighted the ongoing efforts to develop the local automotive industry, with the government aiming to develop Egypt into a regional hub for car manufacturing and export.
According to the recent Global Electric Mobility Readiness Index (GEMRIX) 2023, Egypt ranked 28th as a “starter market” with significant potential for early infrastructure development.
The report noted that experts estimated that there are around 3.5k to 4k electric cars on the road in Egypt — up from about 1,000 to 1,800 in 2021.
