Friday, February 26, 2021

Minister of Finance: The state treasury bears 7.1 billion pounds of financing the “green incentive”

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In the first phase, we aim to replace 250,000 obsolete cars to run on natural gas

10%, up to a maximum of 22 thousand pounds for an angel car, 20% up to a maximum of 45 thousand pounds for the rental, and 25%, up to a maximum of 65 thousand pounds for a microbus

Repayment over ten years with a reducing interest of 3%

Dr. Mohamed Maait, Minister of Finance, confirmed that, in implementation of President Abdel Fattah El-Sisi’s mandates, to grant appropriate financial incentives to owners of obsolete cars to replace them with new ones that run on dual fuel (gasoline and natural gas), the state’s public treasury bears 7.1 billion pounds of financing the green incentive for the first phase of the presidential initiative To replace 250,000 obsolete cars that have been manufactured for 20 years or more in seven governorates.

Maait explained that the Council of Ministers agreed to grant the owner of each angel car from among the beneficiaries of this initiative 10% of the price of the new car, with a maximum of 22 thousand pounds, and the taxi 20%, with a maximum of 45 thousand pounds, and the microbus 25% with a maximum of 65 thousand pounds, with specifying A reducing interest rate of 3%, and a payment period of up to ten years.

The minister said that this initiative helps alleviate the burdens on citizens by providing them, with unprecedented financial incentives and credit facilities, the opportunity to own new cars instead of their obsolete cars, which cost them a lot in operation and maintenance, in addition to the economic savings that will accrue to them through rationalizing the consumption of gasoline. And clean energy work.

He pointed out that this initiative has positive effects in reducing emissions of harmful gases to the environment, and contributing to facilitating traffic, as it ensures that there are no aging cars that cause frequent breakdowns to cause traffic jams.

The minister added that this initiative contributes to revitalizing the auto industry, especially the industries that feed it, as it requires cars to be assembled in Egypt, with a local component ratio of no less than 46%, pointing out that Egypt manufactures many auto components and has become one of the most important manufacturers and exporters A number of car feeding industries in the world, such as electric braids.

The minister explained that during the coming period, the seven governorates in which the implementation of the first phase of the initiative will begin, and the branches of the participating banks will be announced, indicating that the door is open for the participation of all Egyptian public, private and investment banks, as well as all the car companies produced in Egypt.

The article, Minister of Finance: The state treasury bears 7.1 billion pounds of financing the “green incentive”. It was written in the Al-Borsa newspaper.

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Minister of Finance: The state treasury bears 7.1 billion pounds of financing the "green incentive"