Tuesday, May 4, 2010

New taxi program runs into difficulties

Finance Ministry officials say the ministry's project to encourage Egypt's taxi owners to replace their aging cabs with new automobiles is facing financial problems, since advertisers were neglecting to pay banks for the advertisements featured on new taxis.
The project's phase-two subscribers, meanwhile, complain that the ministry is selling them cars at prices higher than those charged their counterparts in phase one. Others say the ministry is failing to deliver new automobiles even though their applications have been approved.
"I finished all the paperwork with the bank in July of last year and yet I still haven't received my new car," said project subscriber Emad Mohamed.
Assistant Finance Minister Nabil Rashdan, for his part, said that banks had agreed to extend credit facilities for seven years to ease payment obligations for new subscribers. "And we're also talking to more advertising agencies in hopes of bringing in more ads," he added.

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