Egyptians Abroad Vehicles Initiative Ends in Two Days ... Ministry Received $835 Mln in Deposits

Minister of Finance Mohamed Maait confirmed that there are only two days left for the period prescribed to benefit and register for the Egyptians abroad Vehchles initiative.

The minister added on Friday that there is no intention to extend the period once more after May 14.

Maait explained that the main point in joining the initiative is the date of the start of the procedures for transferring the value of the deposit from abroad no later than the day after tomorrow, Sunday, and not on the date of its arrival at the account of the Ministry of Finance at the National Bank of Egypt.

He pointed out that applicants from Egyptians residing abroad may choose any car and exchange it at any time within 5 years.

The minister indicated that the validity of the “import approval” for shipping and importing cars has been extended from 1year to 5 years, and the first owner has the right to import the car without being bound by the year of manufacture, adding that other cars must not exceed 3 years at the time of customs release, and the end of the work period of the initiative.

He said that the past few days witnessed a great turnout for the initiative, as the average daily registration exceeded 6,000 applicants, and the average daily transfers reached $25 million.

He pointed out that more than 167,000 Egyptians residing abroad have registered online to benefit from this initiative, and the total value of payment orders from applicants has so far reached about $835 million.