Egyptian Finance Minister Mohamed Maait stressed that Luxor and Aswan were included in a list of governorates of phase one of the vehicle conversion initiative as per presidential directives to increase the number of beneficiaries.
The initiative aims at converting old cars to run on compressed natural gas.
In a statement by the Finance Ministry on Wednesday, Maait said that the ministry is taking measures to pay the value of the green incentive for car companies participating in the initiative.
He pointed out that the state treasury is bearing the costs of LE405 million to finance the green incentive of the presidential initiative to replace 17,900 outdated cars.
The initiative aims at stimulating investors to expand green economy projects in order to up economic growth rates and achieve sustainable development, according to him.
The State adopted a specific strategy for reducing fuel imports, decreasing pollution from harmful emissions and ensuring the safety of drivers and passengers.
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