Public Management

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

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

(Ecofin Agency) - 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
 
Finance


 
Telecom


Ecofin Agency covers the news from 9 business sectors in Africa: Public management, Finance, ICT, Agribusiness, Electricity, Mining, Oil and Gas, Comms and Laws. Ecofin Agency is also creating and management specialized medias, in paper and on the web/social networks, for institutions or African publishers.

AGENCE ECOFIN

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

REDACTION
redaction@agenceecofin.com

Public management
Aaron AKINOCHO
Borgia KOBRI
Moutiou ADJIBI

Finance
Idriss LINGE
Walid KEFI
Chamberline MOKO

Agribusiness
Espoir OLODO

Electricity
Gwladys JOHNSON

Oil and Gas
Olivier DE SOUZA

Mining
Louis-Nino KANSOUN

ITC 
Muriel EDJO

Comms
Servan AHOUGNON

Cameroon
Brice R. MBODIAM
Sylvain ANDZONGO
Monique MAY
Julienne Rose SENDE

Togo
Fiacre E. KAKPO
Waliyullah TAJUDEEN
Séna AKODA

Niger
Sandrine GAINGNE

Gabon
Stephane BILLE
Pierre-Celestin ATANGANA

Desk
Stéphane ALIDJINOU
Souha TOURE
Vahid CODJIA
Diane ZODEHOUGAN
Hikmatu BILALI

Translation
Schadrac AKINOCHO
Mouka MEZONLIN
Firmine AÏZAN



Digital
Omar SOKHNA
Mamadou DIOP
Bacary MANE
Abdel Razak MOULIOM

Digital Marketing
Jérémie FLAUX
Geraud ACHI
Jean Christian BERNARD
Franck FOUTE

Web publishing
Bakoly RAHARISOA
Rina RAMANANDRAISOA
Hasina RAJEMISON

Development
Dominique FLAUX

 


 
REGIE COMMERCIALE
AGENCE ECOFIN
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11
Fax: +41 22 301 96 10

Benjamin FLAUX
bf@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72

Voir page 
Nos services
 

 










 



Ecofin Agency is a news agency for economic and sectorial information. It was created in 2010 and it website was launched in June 2011.

Please publish modules in offcanvas position.