Egypt Swaps 3,000 Vehicles with Natural Gas Cars Between April & July
Over 70,000 applicants signed up to scrap their old vehicles in exchange for natural gas-powered cars by April, with installments of up to 10 years at an interest rate which does not exceed 3% yearly.
As part of Egypt's Go Green Initiative, the government has spent EGP 73.3 million to replace 3,000 old petrol-powered cars with new vehicles that run on natural gas between April and July. An additional 1,700 natural gas cars are expected to be delivered throughout August.
Over 70,000 applicants signed up to scrap their old vehicles in exchange for natural gas-powered cars by April, with installments of up to 10 years at an interest rate which does not exceed 3% annually. All natural gas-powered cars provided by the government have at least 45% of their components manufactured locally. The initiative was launched alongside other incentives to get Egyptians on the natural gas bandwagon, such as a 10% financial incentive with an upper limit of EGP 22,000 (with taxi drivers and microbus drivers being eligible for a 20% and 25% incentive, respectively).
Egypt ultimately aims to have 400,000 petrol powered-cars swapped with natural gas-powered cars by 2023.
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