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MEM to begin issuing scrap bonuses in May to car owners

Bnamericas Published: Wednesday, April 22, 2009
Peru's mines and energy ministry ( MEM) will start issuing bonuses in May to people who turn in old cars to be transformed into scrap so they can purchase new cars, according to a report by state news agency Andina. MEM said the total budget for the program has been increased to US$100mn, of which US$40mn will be disbursed between May and December, and the remainder next year. Previously the country's finance ministry said it would only budget US$50mn for the program. MEM said it will issue checks of up to US$2,500, depending on the market value of the vehicle, to people who trade in diesel cars with at least a 1.6l engine and that are at least 10 years old.

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