8,000 Applications to Join Cairo Cab Project Phase-2
1,500 Cars Delivered, 6,000 Bank Clearance Secured in 3 Months
The Finance Ministry is inviting this month bidders interested in advertising on the new taxis, licensed in the Cairo Cab Project Phase-1.
According to assistant finance minister Nabil Rashdan, the ministry seeks to relieve burdens on taxi drivers joined the program, as the price of the advertisement put on each car will be deducted from the monthly bank installment. The winning bidder will be able to put ads on new taxis as of September 1st, Mr. Rashdan pointed out.
Despite the fact that the second phase of the project, which began in April 2010, does not include the option of displaying ads on new taxis, the banks have received about 8,000 applications to join the program so far, said Mr. Rashdan. In addition, 6,000 bank clearances have been secured and 1,500 cars delivered till now. This reflects an increase in the number of taxi drivers who wish to join the Cash for Clunkers program, which should be a positive U-Turn in transportation in the Egyptian capital.
(Source:Ministry of Finance)