The first phase
will enter into force by end of March, with the signing of the “Regulating
Protocol” that includes clear implementation procedures.
Mar 9, 2021
Trade, Finance and Local Development have met by video conference, to discuss
the necessary measures to implement the presidential initiative for vehicle replacement and
conversion to CNG.
“It’s been agreed with the Central Bank governor
to modify eligibility requirements of the presidential initiative, especially the
applicant’s age to be 60 instead of 55 years old,” Minister of Trade and
Industry Nevine Gamea said.
The meeting, she
added, reviewed the procedures for scrapping old cars in terms of the
availability of scrap yards in Egypt.
For his part,
Minister of Finance Mohamed Maait emphasized that the first phase of the initiative,
to replace vehicles more than 20 years old,
will enter into force before the end of March, with the signing of the “Regulating
Protocol” that includes clear implementation procedures between relevant ministries,
banks, car manufacturers and insurance companies.
He stressed that
the move would contribute to further localizing the auto industry and its supply
chain, creating new jobs and improving the quality of life.