Egypt expedites sale of confiscated cars at public auctions (opens original article in a new tab)

Egypt initiates public auctions for confiscated cars through a cooperation protocol involving government agencies and banks to maximize state revenues and clear impound lots.

• Public Prosecution signs protocol with Ministry of Finance and banks to expedite sale of confiscated cars via public auctions
• Protocol aims to maximize state revenues, ensure transparency, and clear impound lots by July
• Vehicle auctions will increase availability of cars and motorcycles for sale with payment options through specific banks
• Clearing car lots will free land for use by Local Development and Housing ministries