Public Management

Egypt: UK, EU announce US$12.7 mln financing package to strengthen e-mobility

Egypt: UK, EU announce US$12.7 mln financing package to strengthen e-mobility
Thursday, 08 September 2022 22:39

Despite the small amount of greenhouse gas it emits, Egypt is experiencing the effects of climate change. The government thus wants to stem the phenomenon with its response plan. 

The United Kingdom, through the Foreign, Commonwealth, and Development Office (FCDO) and the European Bank for Reconstruction and Development (EBRD), will provide more than US$12.7 million to strengthen e-mobility in Egypt. 

The support, announced Thursday (September 8), consists of a grant and a loan. The EBRD will provide the over US$9.7 million loan while the FCDO will provide a grant of about US$3 million. 

The financing is provided to allow Abou Ghaly Motors (AGM), one of the leading transport providers in Egypt, to acquire 250 range-extended electric vehicles (REEVs). According to the release announcing the financing, the aim is to boost the development of e-mobility in Egypt but also to reduce its greenhouse gas emissions.   

New and electric transport solutions are key to building a greener economy and improving air quality in cities,” explained Nandita Parshad,  EBRD Managing Director, Sustainable Infrastructure Group.

The financing is announced at a time when Egypt is hosting its international cooperation forum  (Egypt-ICF2022), which “aims to unify key messages for climate action to reflect the aspirations and needs of Africa in preparation for “Finance Day”, which will be held on the sidelines of COP27.”

According to the Egyptian Prime Minister, Mostafa Madbouly, quoted by local media, although the country produces only 0.6% of global emissions, it remains particularly vulnerable to climate change. The most vulnerable are its coastline, agriculture, water resources, health, population, and infrastructure.

In response to the threat, last May, Egypt launched its National Climate Change Strategy 2050, which includes mitigation and adaptation actions in every sector. 

Jean-Marc Gogbeu

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
• IMF extends Niger’s Extended Credit Facility (ECF) program by one year through December 2026.• IMF approves a $41 million disbursement tied to...
EBRD grants $100 million loan to Banque Misr to expand credit access for SMEs and women-led businesses. Loan supports Egypt’s green finance...
UTB’s restructuring delayed to end-2026 due to incomplete audits; reorganization plan expected by March. Despite a CFA 15.2B injection, the bank...
DRC launches campaign to diversify investors in government securities 98% of bonds now held by banks; aim is to reduce risk and broaden...
Most Read
01

• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....

UEMOA: Inflation Drops to 0.6% in May, Driven by Lower Food Prices
02

• Interbank volumes rose 18.7% in May, while rates declined across the market• The BCEAO cut its mai...

WAEMU Sees Easing Conditions on Regional Interbank Market
03

• The U.S. imposed a 20% tariff on cashew exports from Vietnam and a 40% tax on suspected transshipm...

U.S. Tariffs on Vietnam Cashews May Disrupt Trade, Hit African Growers (Interview)
04

Cauri Money launches Gajo Money, an e-wallet for the Cameroonian diaspora, targeting €120 mil...

Cauri Money Targets Cameroonian Diaspora with Digital Wallet Launch
05

• Qatar Airways and Kenya Airways establish strategic agreement, introducing a third daily flight be...

Qatar Airways Expands its Network in Africa, Building Presence in Kigali, Johannesburg, and Nairobi
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.