Egypt’s Finance Minister Mohamed Maait announced the successful delivery of over 28,000 new, eco-friendly cars under a presidential initiative to replace older vehicles.
Despite economic challenges including supply chain disruptions and inflation, the initiative has provided beneficiaries with current-year models at below-market prices and with 7 or 10-year installment plans.
Launched in March 2021, the initiative allows recipients to replace vehicles that are 20 years or older.
The government has demonstrated its commitment to promoting eco-friendly transportation by allocating EGP 718m in green incentives for these cars. Participants also benefit from a 3% flat annual interest rate, reduced insurance costs, and a complimentary EGP 100,000 personal accident insurance policy for the driver.
The initiative has expanded to numerous governorates, including Cairo, Giza, and Alexandria, reflecting the government’s goal of broadening the program’s reach and promoting green transportation nationwide. This effort aligns with fostering a green transition, increasing the prevalence of eco-friendly vehicles, and localizing the automotive industry.
The Minister emphasized ongoing efforts to develop Egypt’s automotive sector, with the aim of establishing the country as a regional hub for car manufacturing and export.
The government envisions a future where electric vehicles gradually replace traditional cars, contributing to the expansion of clean energy, reducing reliance on petroleum products, and easing the financial burden on citizens.