ArabFinance: El Nasr Automotive Manufacturing Company is in the final steps of signing the partnership contracts with Chinese car manufacturer Dongfeng Motor this months, Al Borsa News cited CEO and Managing Director Hany el Kholy on December 13th.

The agreement aims to produce 25,000 electric cars at an estimated cost of EGP 2.5 billion, El Kholy added.

Egypt’s Ministry of Public Business Sector is financially participating in this national project with up to 50%, according to the official. He urged the private sector as well as banks and businessmen to be part of it, the news portal noted.

El Nasr is currently preparing the manufacturing facility to install production lines during the second quarter of 2021, El Kholy said.

He added that the experimental production phase will last for up to eight months.

The target output of electric cars would account for 12% of the local demand, the public business minister Hisham Tawfik earlier said.

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