“Maait”: Two Billion Dollars in Expected Revenues for the “Cars for Egyptians Abroad” Initiative

Dr. Mohamed Maait, the Minister of Finance, announced that registered requests from citizens residing abroad to benefit from the “Facilitating the Importation of Cars for Egyptians Abroad” initiative have pushed revenue expectations to approximately two billion dollars.

In a statement, the minister highlighted that the facilities provided to Egyptians residing abroad have significantly increased the number of applicants.

These applicants have opened electronic accounts on the dedicated application and paid the required deposit.

He explained that the ministerial committee responsible for monitoring the implementation of the initiative will soon review the status of outstanding transfers from residents of conflict countries. These residents have been issued payment orders on the electronic platform, and the committee aims to explore alternative mechanisms and find suitable solutions to complete the deposit payment process for these Egyptians.

Many of these residents have encountered obstacles in bank transfers due to factors beyond their control.

Dr. Maait continued: “More than 250,000 import approvals have been issued, and over 35,000 imported cars have been released to Egyptians abroad so far. We are working to expedite the release of the remaining cars.”

He also noted that the validity of the “import approval” for shipping and importing cars extends to five years, and the reduced customs tax remains applicable throughout this period.

Additionally, Dr. Maait pointed out that the first owner can import the car without being restricted by the year of manufacture.

For subsequent owners, the car must not be older than three years at the time of customs release. He emphasized that the deposits of Egyptians abroad who benefit from this initiative will be paid on the scheduled dates at the exchange rate prevailing at the time they are due, considering it a commitment by the public treasury.