Econostrum | Economic News in the Mediterranean

The Egyptian Abou Ghaly Motors will have 250 electric cabs

Written by Frédéric Dubessy on Thursday, September 8th 2022 à 15:50 | Read 542 times

EGYPT. The Egyptian company Abou Ghaly Motors (AGM), a provider of integrated mobility solutions, will purchase 250 electric vehicles with extended range (REEV) for its cab services. This reinforcement of its fleet aims to "demonstrate the benefits of e-mobility" in this country and "help reduce CO2 emissions", as the European Bank for Reconstruction and Development (EBRD) said in a statement published Thursday, September 8, 2022.

Created in 1980, AGM (800 employees) represents in Egypt the brands Mercedes, Jeep, Alfa Romeo, Subaru, Sixt, London Cab, Petronas. In addition to selling cars (especially company fleets and vehicles for professionals), it also offers repair, rental and cab services.

The new electric vehicles acquired from their partner LEVC (London Electric Vehicle Company) will be financed by a loan of 187.4 million Egyptian pounds (€10 million) granted by the EBRD. It is backed by a guarantee from the European Fund for Sustainable Development (EFSD), the financial arm since 2016 of the European Union's (EU) External Investment Plan (EIP) for promoting investment in Africa and the EU's neighboring countries. "This long-term partnership with the EBRD strengthens our growth plans and accelerates the development of the green mobility sector in Egypt," comments Mohamed Abou Ghaly, AGM board member.

UK grant

The company is also receiving a €3 million investment grant from the Foreign, Commonwealth and Development Office (FCDO), the executive department of the British government, which is involved in this operation through the HIPCA (High-Impact Partnership on Climate Action) program. Launched in November 2021 at COP26, the scheme also involves Austria, Finland, the Netherlands, Switzerland and TaiwanICDF. "I am delighted that the UK is contributing to this pioneering fleet of Egyptian electric vehicles through our partnership with the EBRD and look forward to more exciting announcements in the future," says Qudsi Rasheed, Chargé d'Affaires of the UK Embassy in Cairo.

These electric cars will be able to convert liquid fuel into electric power during their journeys and will therefore reduce both CO2 and air pollutant emissions.

"New and electric transport solutions are essential to build a greener economy and improve air quality in cities," commented Nandita Parshad. The EBRD Director General, Sustainable Infrastructure Group, is pleased that this "investment - supported by our EU and OFDD partners and donors - highlights the benefits of e-mobility and provides a more efficient, safe and inclusive transport option. It is also in line with the objective of the Egyptian COP27 Presidency to move from promises to implementation."

The resort of Sharm El Sheikh will host the UN Conference of the Parties on Climate Change from November 7 to 18, 2022.


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