22 thousand pounds for the owners and 65 for the minibus. The government approves proposal to finance the green incentive for cars (details)

The Cabinet approved, at its meeting this Wednesday, a proposal to finance the green incentive for private cars, at a value of 10% of the price of the new car, with a maximum of 22,000 pounds, 20% for a taxi, with a Maximum limit of 45,000 pounds and 25% for a minibus, with a maximum of 65,000 pounds.

But what is the green incentive and does it apply to all new cars?

An official source from the Ministry of Commerce and Industry explained that the green incentive will only apply to new cars presented in accordance with the program to replace old vehicles to work with clean energy, which is an initiative that President Abdel Fattah El-Sisi launched last January. get rid of more than 250,000 vehicles older than 20 years, within three years.

The incentive calculation method is related to the price of the new car, and varies from one country to another, due to its connection with the discount rates obtained by the factory, and is exempt from value added tax, table tax, as well as some customs duties on production inputs imported from abroad.

The value of the incentive will be discounted from the price of the car chosen by the customer, before agreeing with the banks on the installment program. The new incentive was called “green” because the new vehicles within the initiative will run on natural gas, making them environmentally friendly, and will also save on traditional uses of fuel, either gasoline or diesel.