Maait added that President Abdel Fattah al-Sisi issued orders to grant an appropriate financial incentive to the owners of obsolete cars to replace them with new vehicles running on dual fuel (gasoline and natural gas). The state treasury will bear the burden of financing the LE7.1 billion green incentive for the first phase of this presidential initiative. Egypt manufactures many automotive components become one of the most important manufacturers and exporters for some car feeding industries globally, Maait noted. The minister said that the seven governorates included in the first phase of the initiative will be announced soon, alongside the branches of participating banks. He added that the door is open for the participation of all Egyptian public, private and investment banks, as well as all car companies produced in Egypt.

Source: Egypt Independent February 13, 2021 12:11 UTC