The Ministry of Finance announced that preparations are ongoing for the third phase of a project to replace old cabs. The target of this phase is to replace 50,000 old vehicles. Minister of Finance Youssef Boutros-Ghali said that the second phase of the project involved the replacement of 3500 cars, bringing the total number of replaced cabs to 26,500 since the launch of the project. The ministry is planning to have another 25,000 old cabs replaced in the fiscal year 2010/2011. A total amount of LE325 million was earmarked for this project in the state's budget. Boutros-Ghali said that his ministry has so far given LE500 million in subsidies to this project, which have helped reduce the price of one cab by an average of LE20,000 compared to market prices. He added that drivers also get discounted prices for spare parts and maintenance and pay lower fees for insurance. Drivers also receive LE5000 once their old cabs are scrapped. In a statement to the press yesterday, Boutros-Ghali also said that banks participating in the second phase of the project have received 9000 new requests for new cabs, of which 7000 have already been approved. According to Boutros-Ghali, the increasing demand for new taxis can be explained by the various facilities offered by the ministry and the fact that the project will help protect the environment and reflect a more civilized image of Egypt. Translated from the Arabic Edition.
