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Wednesday, 22 June 2022

Abou Ghaly could get EGP 175 mn from EBRD to electrify London Cab fleet

Abou Ghaly looks to EBRD for EV funding: Abou Ghaly Motors (AGM) could receive up to EGP 175 mn (EUR 9 mn) from the European Bank for Reconstruction and Development (EBRD) to fund the acquisition of electric vehicles (EVs), according to the lender’s website.

The money will finance the electrification of AGM’s entire London Cab fleet, Chief Operating Officer Tamer Kotb told Enterprise. The cabs are used to provide taxi services as well as airport transfers in Cairo, Sharm El Sheikh and Hurghada. The company aims to transform 350 cars into EVs by November of this year ahead of the COP27 summit in Sharm El Sheikh, Kotb said.

The total cost of the project is expected to be EGP 325.5 mn: The EBRD said that its loan is expected to be joined by an investment grant from another international donor, while AGM will contribute some of its own capital, Kotb told us. The loan has passed the EBRD’s concept review, and is now pending final review in July.

IN COMMODITIES- Portugal has become the latest country to be added to Egypt’s list of wheat suppliers: Egypt has added Portugal as a country of origin for wheat imports, Supply Minister Al El Moselhy reportedly told Reuters. This comes a few months after Egypt first added India to the list as it went in search for new suppliers following the outbreak of war in Ukraine.

India is still considering exporting up to 500k tons of wheat to Egypt and Jordan and exempting the two countries from its ban on wheat exports due to rising food insecurity, officials in the country’s food ministry told S&P Global Commodity Insights.

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