EBRD provides a loan of EUR 6.6 mn to Abou Ghaly Motors to support Egypt’s e-mobility transport sector expansion

EBRD provides a senior loan of up to EGP 341 million (ca. EUR 6.6 million) to Abou Ghaly Motors ("AGM" or the "Company"). It is expected to be complemented by a EUR 1.4 million of grant funding from ERBD's Special Shareholder Fund ("SSF"). The loan is provided to support acquisition of up to 100 Range Extended Electric Vehicles ("REEVs") to be operated as private taxis as part of the Company's London Cab Egypt services and support the expansion of the e-mobility transport sector in Egypt.

The objective of the Project is to support AGM's operational expansion along a low carbon transition pathway through the purchase of additional REEVs, which is expected to have a positive demonstration effect for electric mobility in both the public and private sectors in Egypt. The company is planning to gradually retire the 24 ICE vehicles once the new REEVs are delivered and fully operational.