Egypt's shift to natural gas-powered driving gets another incentive
- Egypt is targeting the conversion of as many as 1.3 million private cars to run on natural gas.
Egypt approved more incentives for drivers to switch to natural-gas powered vehicles, giving extra impetus to a green-friendly transition urged by the North African nation’s president.
Under the new directives, those obtaining a newly gas-powered private car will get a 10% “incentive" on the price, capped at 22,000 Egyptian pounds ($1,410). The statement Wednesday from Egypt’s cabinet didn’t give further details on the exact terms and delivery of the inducements.
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The Arab world’s most populous country is targeting the conversion of as many as 1.3 million private cars. Taxi-owners would be eligible for an incentive of 20%, capped at 45,000 pounds and those of microbuses would receive 25%, limited to 65,000 pounds.
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President Abdel-Fattah El-Sisi last year said new cars will have to be able to operate on natural gas before they’ll receive a license. The move, which will cost about 8 billion pounds to convert 1 million vehicles, will help reduce middle-income families’ fuel bills by half, he said.
Egypt’s central bank introduced a 15 billion pound program last month that includes loans with 3% interest for individuals looking to change their gasoline-powered vehicles to a hybrid that can also use gas.
