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The government reduces the period of ownership of the car by two years to take advantage of "the replacement of obsolete cars"



The Ministry of Finance announced that within the framework of the political leadership’s keenness to facilitate the terms of joining the presidential initiative to replace the obsolete cars (owners, taxis, and microbuses) that have been manufactured for 20 years or more with new locally manufactured ones running on dual fuel “natural gas and gasoline”, the government agreed On reducing the requirement to own the obsolete car from three years prior to the launch date to only two years.

 

This came in response to many citizens who have owned cars that are obsolete for less than 3 years, and want to participate in this initiative, which was evident in the last short period by counting the applications submitted on the website, as the applications submitted until March 18 reached 59,365 By request, in the governorates of Cairo, Giza, Qalyubia, Alexandria, Suez, the Red Sea, and Port Said.

 

The Ministry of Finance emphasized that this initiative enjoys sufficient flexibility to make it respond to the pulse of the Egyptian street after studying the complaints received through the initiative's electronic follow-up system and the community's reactions to it. This is in order to provide good service to citizens without negatively affecting the achievement of the objectives of the initiative, pointing out that the rest of the terms of the initiative are in effect, which are: that the applicant is Egyptian, and his age is not less than 21 years and not more than 65 years in the case of installments only, and that the car has passed It must be made for 20 years or more, and that the car license is valid and in the name of the applicant and belongs to one of the governorates of the first stage.

 

A statement by the Ministry of Finance stated that the initiative to replace obsolete vehicles with new ones powered by natural gas includes a package of financial and non-financial incentives enjoyed by the participants, the most important of which are: the green incentive, car prices lowered than the price of their counterparts in the market outside the initiative, and financing at a 3% interest rate on installments. For a period of 7 years or 10 years, in addition to an insurance policy for the car and its owner against accidents, and a life insurance policy for the participant in the initiative financed by the participating banks at an interest rate of 3%, in addition to the facilities provided by the car companies in the after-sales services.

 

The statement added that the initiative has entered into actual implementation after updating the website and providing it with more interactive mechanisms with the applicants of the initiative, as communication began with them starting from the middle of the current month so that each applicant can identify the position of his application, whether with the initial acceptance and completion of procedures, or data verification, or not One or more of the stipulated conditions are met, and "SMS" text messages are sent to their mobile phones with this content. The initiative also made it possible for the 15707 hotline to receive inquiries over 16 hours a day from eight in the morning until twelve at night, indicating that there is integration between the electronic platform The initiative and the electronic system of the General Traffic Department, which is concerned with verifying the validity of the applicants' data and their cars, and the availability of the initial conditions to benefit from the initiative.

 

The statement clarified that the Cabinet had agreed to grant the owner of each car from among the beneficiaries of the presidential initiative to replace the obsolete cars, in exchange for a green incentive of 10% of the price of the new car with a maximum of 22 thousand pounds for the owners car, and 20% up to a maximum of 45 thousand pounds for the taxi. 25% up to a maximum of 65 thousand pounds for the microbus, pointing out that the value of the green incentive includes a value for scrapping, and that the Ministry of Finance, through the Ministry of Finance's "Fund to Finance the Purchase of Some Express Transportation Vehicles" of the Ministry, manages the mechanism of the initiative and the electronic platform. Procedures for paying the value of the green incentive as an advance for the new car to the auto companies participating in the initiative.

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