Arab Finance: The National Bank of Egypt (NBE), in cooperation with the Central Bank of Egypt (CBE), has pumped around EGP 2.8 billion for 11,138 clients as of December 2022 under the Presidential initiative for the replacement of obsolete vehicles, Al Mal News reported.
Earlier this year, Minister of Finance Mohamed Maait announced that Egypt’s public treasury afforded more than EGP 650 million as green incentives to replace 26,450 old cars with new natural gas-run ones.
The presidential initiative has entered 15 governorates across the country within two years since its launch in 2021, the minister added.