The government is proceeding with the third phase of its project to replace old taxis, previously delayed by procedural obstacles, according to the spokesperson for a fund financing rental or purchase of rapid transit vehicles.

In a statement issued by the Finance Ministry, Tarek Awad confirmed that facilities, which the government provides through the ministry, still stand. These include cuts in taxes and customs, along with interest rates of 6.25% on bank loans, which is lower than the norm. In addition to this, there are also lower costs on full insurances provided by insurance firms for taxi drivers willing to participate.

The statement further said that the public treasury shouldered EGP 1.5bn until the end of 2014 to support of the project, in addition to EGP 40m, which it bore due to some taxi owners’ delay in paying installments.