Swedish transport solutions giant Volvo has signed an agreement with Egyptian bus manufacture MCV to make electric buses in Egypt for export to Europe.
Nearly 50 percent of the components would be sourced locally, the two companies said in a press statement.
The agreement was signed by Karim Ghabbour, CEO of MCV, and Anna Westerberg, President, Volvo Buses in the presence of Egypt’s Minister of Trade and Industry, Ahmed Samir and Sweden’s Minister of International Cooperation and Foreign Trade Johan Forssell.
The minister said the project will contribute to the localisation of the electric bus industry in Egypt, noting that the government’s auto industry development strategy includes incentives to localise the automotive and ancillary industries to enhance domestic assembly and manufacturing capabilities and encourage new investments in the sector.
The statement didn’t disclose details on project investment, cost, or capacity.
(Writing by Eman Hamed; Editing by Anoop Menon)
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