The initiative for the switch from petrol- to natural gas-fuelled vehicles is a model for green projects and the development partnership with the private sector to boost the green economy and create more jobs, Minister of Finance Mohamed Maeet said, noting that his ministry intends to accelerate work on this initiative.
The first phase of the initiative covers the governorates of Cairo, Giza, Qalioubiya, Alexandria, Suez, Port Said, and Red Sea.
Registration is open on the website www.gogreenmasr.com for cars made in 2002 and earlier, Maeet said in a ministry statement on Tuesday.
Some 12,000 new cars will be allocated to beneficiaries who meet the conditions stipulated by the ministry, the minister said.
The Treasury has invested LE260 million in the ‘green incentive’ for new cars, the minister added.
Amgad Mounir, Chairperson of the Vehicle Replacement Fund at the Ministry of Finance and Executive Director of the initiative to replace old cars, said 36,500 applications have been received so far.
Mounir added that 12,000 saloons, taxis and microbuses over 20 years old have been scrapped so far.
The green incentive works out 10 per cent of the value of new private car to a maximum LE22,000.
For new taxis, 20 per cent of their value to a maximum of LE45,000.
New microbuses will be entitled to 25 per cent to a maximum of LE65,000.
Credit facilities are available through 31 banks at 3 per cent fixed interest repayable over a period of 7 or 10 years.
Around LE7.1 billion has been allocated in finance for the initiative’s first phase.
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