The first stage of the government’s green car incentive program will cost state coffers EGP 7.1 bn, according to a Finance Ministry statement. The program aims to swap out 250k vehicles over 20 years old with new vehicles that can run on both natural gas and petrol. Seven governorates will participate in round one, the ministry said. Borrowers will take our money on a 10-year term with a 3% declining interest rate.

BACKGROUND- Cabinet approved the financial incentives program last week, giving private vehicle owners up to 10% off of the cost of a new vehicle — with the ceiling set at EGP 22k — and providing taxi and microbuses with 20% and 45% off, up to a maximum of 45k and 65k, respectively.