Shell invests in Mina West gas development in Egyptian Mediterranean Sea    Egypt's FM highlights 'soft power' in Mali meeting with alumni    Egypt's foreign minister opens business forum in Niger, targets new partnerships    Egypt's FM delivers Al-Sisi message to Niger's leader, seeks deeper security ties    Rafah Crossing 'never been closed for one day' from Egypt: PM    Egypt will keep pushing for Gaza peace, aid: PM    Remittances from Egyptians abroad surge 70% YoY in July–May: CBE    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    Egypt's current account gap narrows, but overall BoP records deficit    Al-Sisi urges accelerated oil, gas discoveries, lower import bill    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    EGX to close Thursday for July 23 Revolution holiday    Egypt, Senegal sign pharma MoU to unify regulatory standards    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt's vehicle conversion to CNG initiative to start by end-March
This has been driven by the agreement reached with Tarek Amer, Governor of the Central Bank of Egypt (CBE), to amend the conditions of participation in the initiative.
Published in Daily News Egypt on 09 - 03 - 2021

Egypt's Minister of Trade and Industry Nevine Gamea has announced that the executive phase of the presidential initiative to convert vehicles to run on compressed natural gas (CNG) will commence by the end of March.
This has been driven by the agreement reached with Tarek Amer, Governor of the Central Bank of Egypt (CBE), to amend the conditions of participation in the initiative.
The amendments mean that the cut-off age for applicants now stands at 60 years, rather than the previous 55.
Gamea noted that this decision came at the request of a large number of citizens wishing to take part in the initiative.
The announcement was made during an extensive high-level video conference meeting held by the Ministers of Trade and Industry, Finance, and Local Development.
Gamea said that the meeting emphasised the importance of negotiating with life insurance companies, and the risks of non-payment.
The minister noted that it is necessary to sign the initiative's protocol with all the concerned authorities. This will enable manufacturing companies to obtain the necessary materials for production and ensure readiness for the initiative.
She added that the meeting reviewed the procedures for scrapping vehicles, in terms of the availability of scrapping yards and the extent of their readiness. This will maximise the benefit from the scrapping of old cars, and work to reuse them in industry.
For his part, Minister of Finance Mohamed Maait said that the first phase of the presidential initiative will start before the end of March. This will see the gradual replacement of old cars, including passenger, taxis, and microbuses, that are 20 years or older with new ones manufactured local producers.
The new vehicles will have the facilities to run on natural gas. The protocol for this initiative will be signed between the relevant ministries, banks, car manufacturers, and insurance companies.
Maait said that the Ministry of Finance is managing the initiative to replace outdated vehicles through a fund to finance the purchase of some express transport vehicles, as well as the electronic platform.
The ministry is taking measures to pay the value of the green incentive for car companies participating in the initiative.
He pointed out that the state treasury is bearing the costs of EGP 7.1bn to finance the green incentive of the presidential initiative's first phase to replace 250,000 outdated cars. This phase will be applied in the governorates of Cairo, Giza, Qaliubiya, Alexandria, Suez, the Red Sea, and Port Said.
Egypt's Cabinet has agreed to grant each car owner who would benefit from this initiative 10% of the price of the new car, up to a maximum of EGP 22,000 on passenger cars.
For taxis, the Cabinet will bear 20% of the cost to a maximum of EGP 45,000, and 25% of the cost of microbuses, to a maximum of EGP 65,000.
Minister of Local Development Mahmoud Shaarawy said that the governorates of Cairo, Giza, Qaliubiya, Alexandria, Port Said, Suez, and the Red Sea have been assigned plots of land suitable for scrapping and collecting cars.
He pointed out that a joint committee has been formed from the Ministries of Local Development, Finance, Interior, and Environment. The committee inspected 10 plots of land in these governorates, seven of which were found suitable for car scrapping.


Clic here to read the story from its source.