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The Central Bank of Egypt announced the launch of the initiative to replace vehicles, convert cars, to work with dual fuel, through which an amount of 15 billion pounds is made available to banks at a rate of return of 3%. Double.
The “seventh day” publishes the text of the initiative’s instructions.
The Central Bank of Egypt confirmed that the initiative arises as part of its support to the state to achieve sustainable development goals, which include taking into account environmental and social elements, and in light of the state’s tendency to replace functioning vehicles with fuel and replace them with those that operate with dual fuel, and urges citizens to take that step by providing the necessary financing for them Low interest rates.
The Central Bank indicated that the term of the loan within the initiative ranges from 7 to 10 years, and the repayment is made in equal monthly installments, and that it will compensate the banks for the interest rate differential based on the following: credit and discount rate (currently 8.75%) + 2% – 3% (Lump sum).
