28,000 New Cars Rolled Out as Part of Initiative to Replace Old Cars
The new cars were assembled in Egypt, as part of government efforts to boost local manufacturing.
The Egyptian government has delivered over 28,000 cars to beneficiaries of the presidential initiative to replace old vehicles. Minister of Finance Mohamed Maait announced that this initiative, which was launched in March 2021, seeks to modernize Egypt's automotive fleet by replacing vehicles that are more than 20 years old with eco-friendly, dual-fuel engine cars. Aiming to mitigate air pollution and reduce carbon emissions, the initiative provides vehicle owners with loans to facilitate the purchase of new cars, with repayments structured over 7 to 10 years at an annual interest rate of 3%. Another key component of the scheme was that the new cars must be assembled in Egypt, incorporating at least 45% locally manufactured components. Despite facing economic challenges, supply chain disruptions and rising prices for goods and services, the state’s public treasury has allocated EGP 718 million to incentivize citizens to exchange their old vehicles for new, environmentally friendly ones. The initiative aims to attract investment into green projects and localize new industrial activities by recycling old spare parts using safe, eco-friendly technologies. Rickety cars replaced under the initiative are being scrapped in workshops across the country, ensuring they are disposed of in an environmentally responsible manner. Minister Maait highlighted the broader vision of developing Egypt's automotive sector into a regional hub for manufacturing and exporting cars. The focus is now expanding towards electric vehicles, a strategic move intended to bolster clean energy initiatives and reduce dependence on petroleum products.
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