Egypt is planning to establish a joint venture company in cooperation with a sovereign authority to build electric vehicle (EV) charging stations in three governorates, the Minister of Public Business sector Hisham Tawfik said.
He said 3,000 EV charging stations would be built in the first phase of a programme to build a total of 42,000 stations across Egypt as part of the government’s plan to develop and promote domestic EV industry.
The JV would be owned 10 percent by Al Nasr Automotive Company with the participating sovereign owning the rest, Tawfik said in his speech at the Seventh CEO Conference, organised by Al Mal.GTM on Sunday.
He said the electricity ministry would be a stakeholder in the programme while the tariffs would be set by the Council of Ministers.
Tawfik also disclosed that three EV manufacturers shortlisted by a German EV consultant are in the race for the partnership with Al Nasr Automotive Company.
The minister also confirmed that Al Nasr will initially manufacture only one model with specifications that fit the needs and incomes of Egyptian citizens.
Last week, Zawya Projects had reported that Al-Mansour Automotive Company and General Motors would jointly study the potential to manufacture electric vehicles in Egypt.
(Writing by Marwa Abo Almajd; Editing by Anoop Menon)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.