Minister of Finance: More than 28,000 “model year” cars were delivered at below market prices and in installments to beneficiaries of the presidential initiative to replace vehicles.
Dr. Mohamed Maait, Minister of Finance, confirmed that more than 28 thousand new, environmentally friendly cars, “model of the year,” were delivered at less than market prices and in installments over 7 or 10 years to the beneficiaries of the presidential initiative to replace vehicles, since its launch in March 2021 until now, in place of their obsolete vehicles. It has been 20 years or more, despite all the economic challenges and the associated disruption in supply chains, and a sharp rise in the prices of goods and services, in addition to the huge pressures on the state’s general budget. He explained that the state’s general treasury bore 718 million pounds, the value of the green incentive for these cars. The owners also obtained credit facilities through participating banks, represented by an interest rate of 3%, a lump sum annual return, and facilities in the cost of life and car insurance policies, in addition to an additional insurance policy for free that covers personal accidents for the car driver in the amount of 100,000 pounds.
The minister added that this initiative extended to the governorates of Cairo, Giza, Alexandria, Qalyubia, Ismailia, Sharqia, Beheira, Beni Suef, Sohag, Luxor, Aswan, Port Said, Suez, and the Red Sea, in addition to the city of Sharm El-Sheikh, which reflects the government’s keenness to expand Beneficiary base within the framework of the pursuit of green transformation, increasing environmentally friendly vehicles in the governorates, and localizing the automobile industry, by working to maximize the local component.
The Minister explained that we are working to develop the automotive industry sector in Egypt. In a way that qualifies us to become a regional center for the manufacture and export of cars, taking advantage of the capabilities and capabilities we have in addition to the distinguished strategic location, pointing out that during the next stage, we aim to gradually move to allowing the replacement of electric vehicles instead of other cars to effectively contribute to supporting expansion efforts. In clean energy and rationalizing the use of petroleum products, in a way that reduces the burden on citizens and helps stimulate companies specialized in the technology of manufacturing and converting environmentally friendly and electric vehicles.
