The Central Bank of Egypt (CBE) has launched an initiative through which EGP 15 billion will be allocated for use as loans extended to individuals looking to convert their vehicles from running on fossil fuel to natural gas. According to a letter the CBE sent to all banks on Monday, the loans will be subject to an interest rate of 3 percent with repayment maturity ranging from seven to 10 years. Egypt will host on Monday the first technology exhibition for converting and replacing old cars with new ones that run on natural gas, which is expected to be attended by major auto companies that produce natural gas-powered vehicles inside the country, as well as agents and importers of cars with bi-fuel systems – running on gasoline and natural gas – in addition to a number of automotive feeding industry companies. In October, the Ministry of Oil and Mineral Resources announced that Egypt aims to convert 400,000 vehicles to run on natural gas over three years through soft loans from banks and lending institutions. Minister of Petroleum Tarek El-Molla said that there are plans to expand in the usage of compressed natural gas, and that the number of converted cars reached 43,000 cars during 2019-2020. In July, Egypt's President Abdel-Fattah El-Sisi launched an initiative aimed at increasing dependence on natural gas instead of fossil fuel, which is in line with Egypt's sustainable development goals (SDGs) agenda. President El-Sisi also instructed all concerned bodies to give an appropriate material incentive to the individuals who own old cars to replace them with new ones that run on natural gas. The president also ordered organising an exhibition to support the national program for the use of natural gas vehicles.
