Presidential Aging Vehicle Replacement Initiative to be given more momentum in upcoming period, Finance Minister announced.

Dr Maait also declared the following:


Minister of Finance, Dr. Mohamed Maait, stressed that the government closely sticks to presidential directives on the presidential initiative to replace aging vehicle with new natural-gas engine ones.  Amid growing demands on the initiative, officials seek to facilitate measures for beneficiaries in response to any new appearing issues in the phase of practical application. This shall help in instantly resolving any issues related to the initiative and in expanding its base of beneficiaries.

Since the start of vehicles’ delivery in last April to the end of July 2021, 3000 citizens have received their new cars, with almost EGP 73.3 million incurred by the State’s Public Treasury in value of the Green Incentive, stated Dr. Maait.

The Ministry of Finance seeks – in coordination with the relevant different entities- to accelerate work on this presidential initiative in the coming period. 1700 new cars are determined to be delivered to beneficiaries during August 2021. This move conforms with the State’s transformation efforts to green economy, to rely more on clean energy, to localize car manufacturing industry and its feeding industries in Egypt, as well as to ease burdens for citizens by helping them have advanced and economic saving cars against credit incentives and facilities, stressed Dr. Maait.

On his part, Mr. Amgad Mounir, Chairman of the Board of Directors of the Vehicle Replacement Fund at the Ministry of Finance, and Executive Director of the said initiative, confirmed that 3,472 old cars have been scrapped so far.

In the governorates of the initiative’s first phase: “Cairo, Giza, Qalyubia, Alexandria, Suez, Port Said and the Red Sea”, 217 requests were received to replace aging microbus cars with new ones powered by natural gas. Requests were submitted through presidential initiative’s website:  Moreover, 301 requests were submitted for cars at Port Said free zone since the opening of registration for cars at Port Said free zone within the framework of the initiative on July 4, 2021, stated Mr. Mounir.

The entities participating in the initiative, namely the government, the banking sector, car manufacturing companies and insurance companies, all are keen to resolve any issues encountered by the citizens wishing to join the initiative and to offer them relevant facilities, in particular: facilitating credit inquiry banking procedures, to reduce the time required for issuing final approvals on car financing. In addition, limiting cases of applications’ refusal due to failure in finding references of the registered home address or workplace, through customizing fields in the initiative’s electronic website for registering additional data as related to workplace, current domicile, net income, and land phone line, added Mr. Mounir.

In the same context, official spokesman of the Vehicle Replacement Initiative at the Ministry of Finance, Mr. Ahmed Abdul Raziq, noted that applicants, who are wishing to be involved in the said initiative, and whose requests’ requirements are not fully met, were notified via text messages that unless they complete their data and any required procedures before end of August 2021, their requests shall be cancelled.

Mr. Abdul Raziq confirmed that the initiative’s support team replies with high consideration to any inquires received from citizens through both the presidential initiative Facebook page, or via the hotline “15707” for 14 hours a day.