This country offers financing incentive for converting cars to natural gas

The financing is available for periods between seven to 10 years.
By : Bloomberg
| Updated on: 04 Jan 2021, 15:42 PM
File photo used for representational purpose only (AP)
File photo used for representational purpose only (AP)
File photo used for representational purpose only (AP)
File photo used for representational purpose only

Egypt’s central bank on Sunday launched a 15 billion pound ($948.8m) initiative to help car owners convert their vehicles to natural gas, pushing ahead with a call by the country’s president earlier last year.

The loans, with an interest rate of 3%, will be provided through banks to individuals seeking to replace their gasoline-powered vehicles to a bi-fuel system that also allows the use on natural gas, it said in a statement. The financing is available for periods between seven to 10 years.

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(Also read | Centre aims to promote sustainable mobility, notifies norms for alternate fuels)

The move is part of a broader push by the government to encourage the conversion of as many as 1.3 million private cars.

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President Abdel-Fattah El-Sisi last year said the country will require new cars to operate on natural gas before they receive a license, stressing the move will help reduce middle-income families’ fuel bills by half.

First Published Date: 04 Jan 2021, 15:42 PM IST
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