Egyptian Finance Minister Mohamed Maait unveiled on Sunday a presidential directive to step up green economy transition efforts ahead of COP27 climate change conference to take place in Sharm el Sheikh in November.
He said the government seeks to increase to 50 percent the contribution of environment-friendly projects to State budget in a way that will open new vistas for development partnership with the private sector and push forward economy.
Maait, in press statements, said an initiative will be launched within the coming few days to replace old vehicles with new ones running on natural gas in the Red Sea resort of Sharm el Sheikh to run in line with State directives to face climate change and reduce emissions.
Amged Monir, assistant minister, said a plot of land was earmarked for collecting all old cars in South Sinai and there is an ongoing coordination with representatives of auto companies to hand over new cars as soon as possible to beneficiaries of the initiative.
The Natural Gas Vehicles Company (Car Gas) and Egyptian International Gas Technology (Gastec) will be responsible under the protocol for converting car engines running on traditional fuels to bi-fuel engines that can run on gasoline and CNG.
