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Minister of Finance: Facilitating the procedures for citizens to obtain a sophisticated car instead of the obsolete

Mohamed Maait, Minister of Finance, confirmed that, in implementation of the presidential directives to expand the base of beneficiaries of the presidential initiative to replace aging vehicles with new cars powered by natural gas, performance rates have been increased in the initiative, to facilitate procedures for citizens to obtain advanced cars with incentives and unprecedented credit facilities, instead of their aging vehicles. Which used to cost them a lot to operate and maintain, pointing out that the state’s public treasury has borne since last April until now about 56.5 million pounds, the value of the green incentive for the cars that were replaced; In line with the state’s trend towards expanding the green economy, relying more on clean energy and preserving the environment, encouraging local industry, and localizing the automobile industry and its feeding industries; In a way that attracts new investments and provides job opportunities for young people.


He explained that coordination is being carried out with the Ministries of Trade and Industry, and Petroleum and Mineral Resources to conduct the necessary technical examination for new cars. To ensure that they conform to the technical specifications in terms of manufacturing and quality standards applicable in the local car industry in Egypt, and their compatibility with the dual fuel system (natural gas and gasoline).


The minister added that there has been an increasing public turnout to join this initiative since its launch last January until now, as the total number of requests to replace aging cars (owners and taxis) to work with natural gas, which fulfilled the prescribed conditions and whose data are correct, has reached 44094 cars.


 The minister said that, next Sunday, requests to replace aging microbus cars with new ones running on natural gas will be received in the governorates of the first phase in Cairo, Giza, Qalyubia, Alexandria, Suez, Port Said and the Red Sea, through the website dedicated to the presidential initiative, noting that two new companies have joined To produce microbus locally to the initiative to replace vehicles to work with natural gas, with an additional discount in the car price over the market price, in addition to the green incentive value of 25% of the price of the new car, with a maximum of 65,000 pounds.


 Amjad Mounir, Chairman of the Board of Directors of the Vehicle Replacement Fund at the Ministry of Finance, and Executive Director of the initiative to replace obsolete cars with new ones running on natural gas, confirmed that so far 3,014 old cars have been scrapped, including 2,950 owners and 64 taxis, and 2,635 new cars have been received since last April until now, explaining There is a noticeable increase in the rate of car delivery. Last April, 400 citizens received their cars, 600 received their vehicles in May, 1,340 people received their cars in June, and 395 people received their cars during the last few days of July.


He said that since the opening of registration for cars in the Port Said free zone within the framework of the initiative on July 4, the number of requests to replace these cars has reached 134 requests in just 3 days, including 12 requests for cash payment, and 122 in installments, and the necessary measures are being taken in this regard through car companies and banks.


He added that it was decided to approve the participation of the 2022 Chery "Tiggo 3" car, presented by the Egyptian company for the manufacture of means of transportation "Ghabbour Misr", in this initiative; This is within the framework of the Ministry of Finance's keenness to provide a large and diverse number of cars, allowing citizens to have multiple alternatives to replace their aging vehicles in order to meet their various needs and requirements.


 He explained that the manufacturer offers a warranty for the car available in one category for a period of 5 years or 100,000 kilometers, whichever comes first, adding that the choice of this car will be made available for personal use only as “my owners” within the initiative’s cars through the website soon.


 Ahmed Abdel Razek, the official spokesman for the Car Replacement Initiative at the Ministry of Finance, confirmed that the initiative deals with car-producing companies in the local market only, whether “owners, taxi and microbus” with a local component of at least 45%; Which contributes to the localization of the automotive industry and the industries feeding it in Egypt.


He pointed out that the government, the banking sector, car production companies, and insurance companies participating in the initiative are cooperating together to overcome all obstacles for citizens wishing to join the initiative and provide facilities to citizens, the most important of which is facilitating credit inquiry procedures in banks; This helps reduce the time required to issue the final approval to finance the car, and reduce cases of refusal to not infer the place of residence or work place, by allocating spaces on the initiative’s website to record additional data including the workplace, current residence, net income, and the land phone number And providing an integrated support team to respond to inquiries around the clock through the initiative’s official page on the “Facebook” website, through the hotline: “15707”.