El-Sisi urges banks to offer zero interest loans to replace old cars with gas-powered vehicles
Citizens will be able to trade in old cars of 20 years for new, dual-fuel vehicles:
Egyptian President Abdel Fattah El-Sisi urged banks to provide soft loans at zero-to-low interest rates to help citizens covert their cars to run on natural gas.
It is planned that new cars will have to operate on natural gas in order to be licensed, El-Sisi added during the inauguration of a national project.
Egypt has launched an initiative to encourage customers to convert their gasoline-powered vehicles to natural gas.
People with cars that are over 20 years’ old will be able to apply for a low-interest car loan through the MSME Development Agency to obtain a new, dual-fuel car, turning in their existing vehicle as a deposit, Trade Minister Nevine Gamea told Al Kahera Alaan’s Lamees El Hadidi last nigh
The initiative includes the conversion of 1.8 million vehicles at a cost of 320 billion pounds, the trade and industry minister Nevine Gamea said.
The country also plans to establish 366 natural gas fueling stations, she added.
