Mercedes-Benz A-class cars are displayed in a dealership of German car manufacturer Daimler in Paris, July 30, 2013. REUTERS/Christian Hartmann
WASHINGTON - 11 February 2021: Egypt approved more incentives for drivers to switch to natural-gas powered vehicles, giving extra impetus to a green-friendly transition urged by the North African nation's president, Bloomberg reported on Thursday.
Under the new directives, those obtaining a newly gas-powered private car will get a 10 percent “incentive” on the price, capped at LE 22,000 ($1,410). The statement Wednesday from Egypt’s cabinet didn’t give further details on the exact terms and delivery of the inducements.
The Arab world's most populous country is targeting the conversion of as many as 1.3 million private cars.
Taxi-owners would be eligible for an incentive of 20 percent, capped at LE 45,000 and those of microbuses would receive 25 percent, limited to LE 65,000.
President Abdel Fattah El Sisi last year said new cars will have to be able to operate on natural gas before they’ll receive a license. The move, which will cost about 8 billion pounds to convert 1 million vehicles, will help reduce middle-income families' fuel bills by half, he said.
Egypt's central bank introduced a LE 15 billion program last month that includes loans with 3 percent interest for individuals looking to change their gasoline-powered vehicles to a hybrid that can also use gas.