Cairo – Mubasher: The Egyptian Ministry of Finance has disbursed EGP 115 million in incentives for the vehicle replacement initiative as of the end of August.

A total of EGP 7.1 billion has been allocated as green incentives for car owners who want to replace their old cars with new vehicles that operate on natural gas, the Minister of Finance, Mohamed Maait, said in a statement on Tuesday.

By the end of August, 130 new microbuses are delivered, replacing obsolete ones, and another 300 microbuses are planned to be delivered in September, Maait added.

Moreover, 5,050 private cars and taxis have been delivered since April.

By the end of August, a total of 5,510 obsolete cars have been scrapped, including 5,213 private cars, 128 taxis, and 169 microbuses.

The green incentives provide owners of private vehicles with a 10% deduction of the cost of a new car, up to a maximum of EGP 22,000.

In addition, taxi and microbus owners will get 20% and 25% off, up to a maximum of EGP 45,000 and EGP 65,000, respectively.

Source: Mubasher

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