Sat, 15 May 2021 - 07:12 GMT
Gas-powered vehicle – Wikimedia Commons
CAIRO – 15 May 2021: Minister of Finance Mohamed Mait stated Saturday that 38,000 out of 70,000 applicants to purchase subsidized gas-powered cars are eligible for the funding program.
Mait added that since April until present, 500 cars have been delivered to beneficiaries with the state funding them with LE16.2 million. Further, 634 others will be delivered within two weeks.
The minister pointed out that 7,000 applications are pending the approval of banks while 1,671 others have received final approvals by both banks and sellers.
Mait explained that the program is within a presidential initiative targeting low and middle income citizens to substitute old barely-functioning cars. The minister noted that acquiring new cars within the initiative does not affect a citizen's eligibility to acquire in-kind subsidies.
As for why banks reject certain applications, the initiatives spokesperson, Ahmed Abdel Razek, stated that the reasons include aged above 65, lack of source of income, or the value of the installment being higher than half the income. The decision can be appealed within three days through the hotline that is 15707.
Regarding the conditions, the applicant must be aged between 21 and 65; Egyptian; the owner of the car to be substituted; belonging to one of the first phases' governorates, which are Cairo, Giza, Qalyoubeya, Alexandria, Suez, Port Said, and the Red Sea; and, the old car's license must be still valid.
The website to apply on is www.gogreenmasr.com.