The government announced Tuesday the final outline of the project modifying heavy-trailer trucks, Ahmed Kotb reports The project aims at transforming some 34,000 heavy trucks into semi-trailers by August 2012, when they will not be allowed on the streets according to the new traffic law of 2008. "Truck owners are free to choose whether to modify or replace their vehicles with new ones, and they will benefit from financial awards, including exemptions from taxes and customs, that range from LE80,000 to LE120,000," Minister of Finance Youssef Boutros Ghali said during a press conference on Tuesday. Loans will be provided to participants with a fixed interest rate of 6.25 per cent, and a repayment period of up to five years, Ghali said. They will be provided by Banque du Caire, Bank of Alexandria, Nasser Social Bank and National Bank of Egypt. Some 15 manufacturing companies will be responsible for the truck modifications, and their total production capacity is estimated at 26,000 annually if they operate for one daily shift, Ghali said. In case of working two shifts, he added, the capacity will reach 34,000. Truck owners, who wish to participate in the project and benefit from all the available facilities, have to apply before 31 August 2011 and they will be exempt from paying the sales taxes the Ministry of Finance promised to pay instead of them. The modification project was being debated over the past two years since the government first announced it and took a decision to ban heavy trucks that are believed to be the main cause of road accidents, from Egypt's streets starting January 2011. But truck owners refused to comply and went on a strike which started mid-December 2010. The strike, which ended early January 2011, reportedly caused major losses to many sectors because heavy-duty trucks are responsible for around 90 per cent of total transportation.
