The Egyptian government announced the final conditions for implementing President Abdel Fattah El-Sisi’s initiative to replace and scrape old cars that have passed 20 years or more.
Among the final conditions of the initiative is the cancellation of the scrapping fee for the old car and being satisfied with the green incentive with the addition of a new condition that the car license be in the name of the applicant for the past 3 years, which caused the anger of many applicants for the initiative on the official page of the initiative on the social networking site “Facebook”, They demanded that it be canceled, especially since it was not present under the conditions on which about 58,745 people applied to benefit from the initiative.
Al-Masry Al-Youm newspaper published the final conditions for the initiative, namely:
– The applicant must be Egyptian
The applicant’s age should not be less than 21 years and not more than 65 years old.
The car must have been made for 20 years or more.
The car license must be valid.
The car license belongs to one of the governorates of the first phase, Cairo – Giza – Alexandria – Qalyubia – Port Said – Suez – the Red Sea.
The car license must be in the name of the applicant.
The car’s license must be in the name of its owner 3 years ago before the program’s launch date.
And the Egyptian government had announced that the loan would be repaid in equal monthly installments over a period ranging between 7 and 10 years through 31 banks within the system at a flat interest of 3%, with the green incentive granting 10% of the price of the new car, with a maximum of 22,000 pounds for private cars. And 20%, up to a maximum of 45 thousand pounds for the rental, and 25% for the microbus, up to a maximum of 65 thousand pounds.
Source: “Al-Masry Al-Youm” website