EGP 1 Billion Allocated to Boost Local Automotive Industry
Nissan has recently received its first incentive package worth EGP 120 million, which can be used to pay government debt.
The Ministry of Finance has allocated EGP 1 billion to help boost the country’s automotive industry. The initiative seeks to attract investment in car manufacturing and increase local component production by over 45% in 2025.
Seven companies have already registered in the automotive industry localisation initiative. According to the Ministry of Finance, the eligibility to qualify for the incentive package can be met by achieving specific performance targets.
Finance Minister Ahmed Kouchouk announced that Nissan has recently received its first incentive package worth EGP 120 million, which can be used to pay off government debt.
