## Over 28,000 New Cars Delivered Despite Economic Challenges: Finance Minister
**Finance Minister Mohamed Maait** announced that Egypt has successfully delivered over **28,000 new eco-friendly cars** under a presidential initiative. This is despite economic challenges like **supply chain disruptions** and **inflation**. This program helps people replace their old cars (20 years or older) with new ones, which are available at **below-market prices** and offer **7 or 10-year installment plans**. **Installment plans** allow you to pay for something over time rather than all at once, which makes it easier to afford.
This initiative, which started in March 2021, shows the government's commitment to promoting **eco-friendly transportation**. The government has set aside EGP 718 million in **green incentives**, which are financial rewards for using environmentally friendly products, to support the program.
Participants of this initiative get many benefits:
- A **3% flat annual interest rate** on their car loans, meaning the cost to borrow money stays low.
- **Reduced insurance costs**.
- A free **EGP 100,000 personal accident insurance policy** for the driver, which provides financial help if the driver gets into an accident.
This program has expanded to many areas, including **Cairo, Giza, and Alexandria**, aiming to promote green transportation across the country. This effort aligns with the government's vision for a **green transition**, which means moving towards using eco-friendly products and reducing environmental harm. The goal is to increase the number of **eco-friendly vehicles** and boost the local **automotive industry**.
Minister Maait emphasized that the government is working hard to develop Egypt's automotive sector. They aim to make Egypt a key player in **car manufacturing and export**. The government dreams of a future where **electric vehicles** (EVs) replace traditional cars. This transition will support the growth of **clean energy**, reduce reliance on **petroleum products** (like gasoline and diesel), and lower costs for citizens.
In summary, this program is not just about new cars; it's about a cleaner environment, better financial deals, and a stronger local economy.
