Clearance of Confiscated Vehicle Storage Yards and Their Sale Through Auctions to Begin in July
Agreement Between the Ministry of Finance, the Public Prosecution, and Two Egyptian Banks
It was recently announced in Egypt that the Ministry of Finance, represented by the General Authority for Government Services and the Recovered Assets Management Authority, signed a new cooperation agreement with the Egyptian Public Prosecution, the National Bank of Egypt, and Banque Misr.
The new agreement aims to ensure the swift disposal of confiscated vehicles and to maximize the benefit derived from them.
All Types of Confiscated Vehicles Will Be Maximized Without Allowing Them to Accumulate
The vehicles covered by the agreement, and which efforts will be made to dispose of in a way that maximizes their benefit, include passenger cars transport vehicles, motorcycles, and all vehicles confiscated by the Egyptian Public Prosecution and various other government entities.
Land Used for Confiscated Vehicle Storage to Be Returned to the Ministries of Local Development and Housing
The storage yards designated for confiscated vehicles across the country’s governorates will be cleared. Through this cooperation, the Ministry of Finance and the Public Prosecution seek to eliminate the accumulation of these vehicles and reuse the land on which they are stored across the various governorates. The land will be returned to the Ministry of Local Development and the Ministry of Housing to make use of it.
July to Mark the Beginning of Clearing Confiscated Vehicle Storage Yards
Under the new cooperation agreement, the clearance of confiscated vehicle storage yards and the holding of auctions for the vehicles will begin starting in July.
