The green initiative also aims to encourage investment in green economy-related projects, raising Egypt’s economic growth
Egypt’s public treasury has disbursed EGP 115 million (about $47.3 million) in green incentives to replace over 5,000 older and aging taxis and private cars, and 130 mini buses, with newer natural gas-run under the government’s old vehicles replacement initiative, Minister of Finance Mohamed Maait announced on Sunday.
Maait added that 300 new mini buses will be delivered to beneficiaries during September on a first-served basis.
“This initiative is a model of the developmental partnership with the private sector, which aims to catalyze domestic vehicle manufacturing, increasing the productive capacity and maximizing the local components in all industries. That is expected to create more job opportunities and uplift the quality of the citizens’ standard of life,” Maait explained.
The minister previously revealed that the initiative distributed EGP 92.6 million by late August.
The green initiative also aims to encourage investment in green economy-related projects, raising Egypt’s economic growth as well as foster inclusive and sustainable development.
Under the initiative, private car owners can get 10% off of the cost of a new car, up to EGP 22,000 (about $345), while taxi owners will get a 20% incentive, up to EGP 45,000 (about $707).
Since July, the finance ministry has started to receive citizens’ requests to replace their old vehicles with newer models, particularly in governorates of Cairo, Giza, Qalyubia, Alexandria, Suez, Port Said, and Red Sea areas.
The initiative is part of a nationwide state strategy to replace the old polluting vehicles with brand new natural-gas ones.