Egypt: Government delivers 28,000 new vehicles under obsolete car replacement initiative

These cars have been delivered at below market prices in instalments over seven or 10 years, the minister pointed out

Staff Writer, Arab Finance

June 23, 2024

PHOTO

The Egyptian government has delivered over 28,000 new and eco-friendly cars so far to beneficiaries under the presidential initiative for the replacement of 20-year-old vehicles since its launch in March 2021, Minister of Finance Mohamed Maait stated.

These cars have been delivered at below market prices in instalments over seven or 10 years, the minister pointed out.

He added that the state’s public treasury had borne EGP 718 million worth of green incentives for the initiative despite significant budgetary pressures.

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