<\/p>\n
The EBRD and donors are enabling Abou Ghaly Motors (AGM), a leading transport provider in Egypt, to purchase 250 range-extended electric vehicles (REEVs) for its taxi services, in a boost for the development of the country\u2019s e-mobility sector.<\/p>\n
A loan of EGP 187.4 million (equivalent of about \u20ac10 million) from the EBRD is being complemented by an investment grant of \u20ac3 million from the UK\u2019s Foreign, Commonwealth and Development Office (FCDO) through the High-Impact Partnership on Climate Action (HIPCA; also supported by Austria, Finland, the Netherlands, Switzerland and the TaiwanICDF). The European Union\u2019s EFSD (European Fund for Sustainable Development), the financing arm of the EU External Investment Plan promoting investment in Africa and the EU Neighbourhood, is providing a first-loss guarantee for the EBRD loan.<\/p>\n
AGM\u2019s new fleet will support the company\u2019s expansion along a greener pathway and promote an environmentally friendlier mode of transport in Egypt as the new vehicles will be able to convert liquid fuel into electric energy during their journeys, thereby reducing emissions of CO2<\/sub>\u00a0and air pollutants.<\/p>\n Electric mobility is expected to grow significantly in Egypt over the next few years, opening up new economic and employment opportunities across the country. AGM\u2019s investment activities will be accompanied by training to improve skills in the maintenance and repair of the vehicles, further encouraging the development of the e-mobility sector.<\/p>\n \u201cNew and electric transport solutions are key to building a greener economy and improving air quality in cities,\u201d explained Nandita Parshad, EBRD Managing Director, Sustainable Infrastructure Group. \u201cI am pleased that our investment \u2013 backed by our partners and donors from the EU and FCDO \u2013 will showcase the benefits of e-mobility and provide a more efficient, safer and inclusive option for transport. It is also in line with the objective of Egypt’s Presidency of COP27 to move from pledges to implementation.\u201d<\/p>\n Mohamed Abou Ghaly, Board Member of AGM, said: \u201cAs a leading mobility solutions provider in Egypt, we are delighted to continue our long-term partnership with the EBRD, strengthening our growth plans and accelerating the development of the green mobility sector in Egypt. With Egypt proudly hosting COP27 in November 2022, we are delighted to support our country\u2019s efforts towards sustainable growth through this electric cabs deal, together with our partners LEVC (London Electric Vehicle Company) and the EBRD.\u201d<\/p>\n Qudsi Rasheed, the UK Embassy\u2019s Charg\u00e9 d\u2019Affaires, said: \u201cE-mobility is a core part of Egypt\u2019s green transition but also essential to delivering an ambitious COP27. The UK is committed to supporting both of these aims. I am delighted that the UK is contributing to this pioneering Egyptian e-vehicle fleet through our partnership with the EBRD and hope to see further exciting announcements in the future.\u201d<\/p>\n Henrike Trautmann, EU Director for the Neighbourhood South at DG NEAR, said: \u201cThe EU continues to support the green agenda in Egypt. The guarantee support to the EBRD investment will significantly contribute to promoting sustainable mobility and reducing pollution in the country.\u201d<\/p>\n Egypt is a founding member of the EBRD. Since the start of its operations there in 2012, the Bank has invested more than \u20ac9.8 billion in 152 projects in the country.<\/p>\n","protected":false},"excerpt":{"rendered":" The EBRD and donors are enabling Abou Ghaly Motors (AGM), a leading transport provider in Egypt, to purchase 250 range-extended electric vehicles (REEVs) for its taxi services, in a boost for the development of the country\u2019s e-mobility sector. A loan of EGP 187.4 million (equivalent of about \u20ac10 million) from the EBRD is being […]<\/p>\n","protected":false},"author":2,"featured_media":176,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[47,83,59,130,43,15],"tags":[],"class_list":["post-175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banks-insurance-en","category-egypt-en","category-energy-en","category-featured-en","category-finance-investment-en","category-press-releases"],"yoast_head":"\n