Egypt’s public treasury has afforded more than $28 million as green incentives for the obsolete vehicles replacement.

The initiative aims to mitigate air pollution and reduce carbon emissions. Mohamed Maait, Minister of Finance said: "The government is seeking to expand the initiative in tandem with hosting the 27th session of COP27 by adding new cities and governorates."

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In mid-September, the initiative’s website was updated to include the e-payment method the value for paying installments, enabling those who seek to join the initiative to learn about the prices of vehicles as well as the monthly installments over 7 and 10 years.

Amgad Mounir, Chairman of the Board of Directors of the Vehicle Replacement Fund at the Ministry of Finance, commented: "The initiative offers many benefits.

"Among these: green incentives, the lowest interest rates, the longest term of payment, no mandatory down payment for the new cars, and 50% discount on insurance policies."

Luxor and Aswan governorates were added to the initiative. Tamer Abdel Zaher, the initiative’s spokesman, announced that 23,730 new cars have been delivered, while more than 23,447 old cars scrapped.

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