Finance Ministry Allocates £675 Million for Green Incentive in Vehicle Replacement Initiative

Dr. Mohamed Maait, Minister of Finance, announced that the state’s public treasury has allocated £675 million for the green incentive under the “Presidential Initiative for Vehicle Replacement”. So far, this initiative has provided 27,225 new natural gas vehicles to beneficiaries, replacing their obsolete vehicles, which have been scrapped following environmental regulations.

The minister further revealed that the initiative has started to accept applications from residents in the Ismailia Governorate who are interested in replacing their cars that are twenty years old or older, with new ones powered by natural gas, based on the set conditions and procedures.

Dr. Maait encouraged business professionals and manufacturers to offer their products and innovative solutions to enhance vehicle manufacturing technology. In association with the Federation of Industries, invitations were extended to members of the Automotive Division of the General Federation of Chambers of Commerce, seeking their participation in the development of the eco-friendly automobile industry, its components, and the necessary infrastructure. Proposals and offers can be submitted via email.

Khaled Nofal, First Assistant Minister of Finance and Chairman of the Board of Directors of the “Vehicle Replacement Fund” at the Ministry of Finance, clarified the importance of continuous communication with the business community and car manufacturers. Their proposals, innovative solutions, and product offerings pave the way for collaborative work aimed at developing simple mechanisms to bolster cooperation in multiple activities related to the enhancement of related technologies and the production of environmentally friendly vehicles.

Nofal emphasized his dedication to the actual implementation of the replacement initiative. Residents of the Sharkia and Beni Suef governorates, who applied for “replacement” of their outdated cars, and had new cars available from manufacturers, can now proceed with scrapping their old cars at the main yard of the Greater Cairo Governorate in the Abu Rawash area. This measure is expected to expedite the process for citizens to acquire their new cars, pending the completion of the yard.