(Bloomberg) -- Egypt will require new cars to operate on natural gas before they receive a license, President Abdel-Fattah El-Sisi said, stressing the move will help reduce middle-income families’ fuel bills by half.
El-Sisi, speaking Sunday during the inauguration of a national project, said converting 1 million vehicles in Egypt to natural gas will cost a total of about 8 billion pounds ($500 million). In comments carried by local media, he urged banks to provide lower interest financing to help consumers fund the conversion to natural gas.
The move is part of a broader push by the government to encourage the conversion of as many as 1.3 million private cars. The main focus is vehicles over 20 years old.
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Tarek El-Tablawy in Cairo at teltablawy@bloomberg.net
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Nayla Razzouk at nrazzouk2@bloomberg.net
Michael Gunn, Shaji Mathew
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