Egypt’s MSMEDA Provides Funding for Natural Gas Vehicle Conversion

The Micro, Small and Medium Enterprise Development Agency (MSMEDA) provided a funding worth EGP 202 million (~US$12.836 million) for the national project of converting vehicles to operate on natural gas. Through the funding, a total of 38,400 cars were converted to run on natural gas in collaboration with Car Gas and the Egyptian International Gas Technology Company (Gastec), affiliated to the Ministry of Petroleum, head of MSMEDA and minister of trade and industry, Nevine Gamea, said in a statement on Thursday. MSMEDA enables citizens to pay for the conversion in installments, Gamea added, noting that operation on natural gas helps cut operating expenses in half.