A Hotline for Registration

Meetings to be held with Heads of Commercial Banks to Develop Affordable Finance Mechanisms

A trailer replacement project is due to start within a few weeks under the supervision of the Ministry of Finance, in coordination with other relevant ministries and bodies. A hotline (16408) has been launched to receive phone calls from trailer owners wishing to participate, said Dr. Youssef Boutros Ghali, the Egyptian Minister of Finance.

A number of meetings will be held with heads of commercial banks interested in the project, in order to develop an affordable mechanism to finance trailer replacement and modification, and discuss loan controls and conditions. The Ministry seeks to make these as simple and affordable as possible so that trailer owners can meet the August 2012 deadline when current licenses will expire, the minister said.

The Ministry of Finance is currently studying a package of financial incentives for participants, following the example of the old taxi replacement project, which has so far been unprecedentedly successful, with more than 25,000 taxis already replaced. The package is due to be announced shortly.

A ministerial decree has been issued to set up an ad hoc committee from the bodies concerned to follow up implementation, prepare system replacement proposals, monitor daily work progress, develop appropriate solutions to potential problems and obstacles and produce a monthly report on the process, Dr. Ghali said. The report will be reviewed by the ministerial committee overseeing the implementation of the project, he added.

On his part, Dr. Nabil Rashdan said that the hotline 16408 will operate from 9:00 a.m. to 7:00 p.m., Saturday to Thursday. Operators will seek to ultimately build a full database on trailer ownership. Likewise, industrial businesses wishing to participate in the project, by to manufacturing or modifying full trailers or producing tractors heads, can use the same hotline to inquire about procedures and required documents.

The Ministry of Finance is currently developing detailed conditions and procedures in coordination with other bodies concerned, such as ministries of interior, trade and industry and transport, together with a number of commercial banks that will act as loan providers, as well as approved insurance companies and trailer and tractor head manufacturers.

Prime Minister Dr. Ahmed Nazif had issued a decree to create a ministerial committee that will oversee the trailer replacement project. Headed by Dr. Youssef Boutros Ghali the Minister of Finance, the committee comprises the Minister of Trade and Industry, the Minister of Transport and an Assistant Secretary of the Interior as members.

(Source: Ministry of Finance)