In a report presented to the Minister of Finance:

One billion EGP.  subsidy and financial benefits for beneficiaries of  Tax Replacement Project

The public treasury incurred EGP. 475 million for commercials, EGP. 343 million for sales taxes, EGP. 36 million for customs and

EGP 205 for scrapping

The mass transportation vehicle replacement fund prepared a report to The Minister of Finance concerning the developments of taxi replacement project and the subsidy as well as the financial burden incurred by public treasury. Arrangements for signing a cooperation protocol between both the Ministry of Finance, the Ministry of Interior and the four commercial banks participating in the project which are The National Bank of Egypt  , Banque miser, Bank of Alexandria, Social Naser Bank, Misr Insurance Holding Company and the vehicle local manufacturers.

The report revealed that the white taxi owners, whose number estimated by 41 thousand reached more than EGP one billion till now, this value represents the volume of the financial support and benefits incurred by public treasury since the beginning of the project in April 2009 to February 2013 , including EGP 205 million for the old car scrapping , EGP 343 million for sales taxes incurred by public treasury,  an average estimated by EGP 8300 for each car and EGP 36 million for customs exemption of car components imported from abroad, an average estimated by EGP 1000 for each car . EGP 475 million for commercials on the taxi's body that the beneficiaries in the first and second stage, supposed to get from  an Advertising company and due to the economic situation, the public treasury incurred the costs of that financial burden estimated by EGP33

Thousand for each car will be paid in 60 months, monthly EGP 550.

The board chairman of taxi replacement project, Mr. Amgad Monier, said that public treasury also incurred EGP 36 million for interests resulting from delay of the outstanding installments on customers in January, February, march, 2011 till the end of the loan term taking into account Egypt's economic circumstances after 25th  January revolution.

He also added that the other entities participating in this project also presented many advantages such as providing soft loans for the participating bank customers and a law interest rate reaches 6.25% yearly ,6% in Bank Naser in for an applicable interest rate in banks of 8.5% yearly , in addition to a Comprehensive insurance for the new cars against dangers of  accidents, fire and robbery at a lowered  rate of 3.25% yearly, compared to the applicable 5% for taxies . The vehicle companies offer discounts on the new car prices ranges between EGP 2.000 to 5.000.

Mr. Mounier indicated to the costs incurred from the project financial interest in a practical example as he explained that the cost of an old taxi replacement with a Hyundai Verna car gasoline powered, its monthly installment outside the project estimated by EGP 1972 whereas the installment of  the project including the car comprehensive insurance estimated by EGP 803 monthly, then the deference reached about EGP.1169 monthly.

Mr. Monuier also explained that the previous example demonstates the total value of the loan installments outside the project estimated by more than EGP 118.000 , while the project  is estimated by EGP 48.000 . So this project supported by the Ministry of Finance achieved a considerable saving estimated by EGP 70.000 for white taxi owners,  this means that the discounts granted inside the project compared to the installment purchase cost outside the project is estimated by 60%.  

Mr. Mounier ensured that all these mentioned numbers assert that the government did not fall short in supporting the white taxi owners to promote a national project contributed in enhancing the civilized features of the capital and the greater Cairo region and helping operating the whole Vehicle manufacturing sector , these advantages were ensured by the old taxi owners demonstrations to accelerate the implementation phases of the project . The matter was approved by The Minister of Finance Dr. Al Morsy Hegazy, as he also determined to commence the third phase of the project and start the application last month , as we prepare to sign the protocol regulating the subscription rules with the relative parties in the next few days.