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European Bank for Reconstruction and Development (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’s e-mobility sector.
A loan of 187.4 million Egyptian pounds (about $10 million) from the EBRD is being complemented by an investment grant of €3 million ($3 million) from the UK’s Foreign, Commonwealth and Development Office (FCDO) through the High-Impact Partnership on Climate Action (HIPCA) which is supported by Austria, Finland, the Netherlands, Switzerland and the Taiwan ICDF (The International Cooperation and Development Fund).
The European Union’s EFSD (European Fund for Sustainable Development), the financing arm of the European Union (EU) External Investment Plan promoting investment in Africa and the EU Neighbourhood, is providing a first-loss guarantee for the EBRD loan.
(Writing by Sowmya Sundar; Editing by Anoop Menon)
