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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.
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.