Abdul Latif Jameel Finance Egypt has launched a new financing initiative for electric vehicles (EV), in what is considered to be the first of its kind in Egypt, and supports the Egyptian government''s calls to ''go green''.
Mohamed El Gazzar, CEO and Country General Manager, Abdul Latif Jameel Finance Egypt, said, "This is an exciting time in Egypt for the adoption of green mobility solutions and the rise of electric vehicles is one way that our country can keep moving without damaging the environment.
“We have created this new financing option to help customers take their first step towards EV ownership and the initial feedback as been very positive."
Abdul Latif Jameel Finance Egypt is committed to providing a range of sustainable financing programs which encourage customers to purchase environmentally friendly products, through simple, easy to access procedures and financing options which will suit all incomes.
For more information, please visit the Abdul Latif Jameel Finance Egypt website here.
A new low-cost handheld device that tests the quality and safety of milk is being developed by the Abdul Latif Jameel World Water and Food Security Lab (J-WAFS) at the Massachusetts Institute of Technology (MIT).
MIT mechanical engineering PhD candidate visited milk collection centers in Maharashtra, India, and discussed collection practices with dairy farmers and center operators during a 2017 research trip. J-WAFS-funded technology being developed by Jain in mechanical engineering professor Sanjay Sarma''s MIT lab will allow users at village-level milk collection centers like the one pictured to easily test milk for quality and nutritional consistency on site.
Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy, has been awarded a 55 MWac solar project in Armenia that will power more than 21,400 homes in Armenia with clean energy.
Tristan Higuero, COO East, meets Armenian Prime Minister Karen Karapetyan.
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Three companies are currently competing for the right to produce the cars, but the names of these firms were not disclosed by the minister.
Tawfik stressed that the state-owned El Nasr Governmental Vehicles Company will produce only one model of electric car.
He also revealed 3,000 electricity charging stations will be created across three governorates, with a new company set to be established to manage these facilities in partnership with a sovereign company with a 90 percent share.
The Egyptian government has finished providing all incentives for electric cars, including preparation and special support for the buyer, in addition to subsidizing the price of electricity.
Last month, the Egyptian Ministry of Public Business Sector announced that negotiations with the Chinese Dongfeng company had stopped as a result of a failure to reach an agreement to reduce the price of the imported component sufficiently enough to enable the Nasr Automotive Company to produce and launch the car at a competitive price.
The Ministry stated at the time that it would, in cooperation with the Metallurgical Industries Holding co and the Nasr Automobile Company, open new channels of communication with one of the specialised global consulting offices to identify an alternative partner, and it is expected that positive results will be reached before the end of November.
Egypt had signed the framework agreement with the Chinese company, Dongfeng, to produce the E70 car in January 2021, after a series of negotiations that took more time than expected due to the emergence of the coronavirus at the beginning of 2020.
The long-awaited automotive strategy is about to be unveiled: Cabinet reviewed last week the final version of a national strategy to develop the automotive industry, according to a statement. No further information was given on when exactly to expect the strategy’s launch — which were previously told would come by the end of last year — but the statement did provide a few details about what it will include.
Meet the Egyptian Automotive Industry Development Program (AIDP): The strategy will include incentives to localize the electric vehicle and automotive feeder industries under the AIDP, with the aim of enhancing the country’s existing assembly and manufacturing capabilities — and of encouraging new investment to the sector, the statement said.
The program will initially cover the assembly of passenger cars, SUVs, vans and microbuses, according to the statement, as well as R&D centers, testing labs, and automotive software development centers that feed local production and assembly. Participation is optional and comes with a number of incentives.
What kind of incentives will be up for grabs? AIDP will introduce a tariff system that should facilitate customs release procedures for participating firms, support new investment from original equipment manufacturers (OEMs) in Egypt, and encourage assemblers to switch to CKD assembly, according to the statement. CKD, or complete knocked-down assembly, is when a local assembler puts together a completely disassembled vehicle from imported parts (as opposed to CBU assembly, where completely built vehicles are imported, or SKD assembly, where partly-assembled vehicles are imported).
AIDP will also cover the EV industry: AIDP will provide cash incentives of up to EGP 50k for buyers of locally-assembled electric vehicles, the statement said. The government is working to enlist international partners to produce locally assembled electric cars in El Nasr Auto’s factory. Real estate developers will also be obliged to build a certain number of charging points at their residential and commercial projects.
BACKGROUND: The legislation for the automotive strategy has been in the works since 2016, and has gone through years of delays, revisions and overhauls. The strategy aims to grow a car manufacturing industry that can compete with EU, Moroccan and Turkish imports.
Want to manage the government’s EV charging station company? Companies looking to manage and operate a soon-to-be-established state company for electric vehicle charging stations have until this Thursday, 17 March to submit their bids, according to a Public Enterprises Ministry statement. The company will be set up under a public-private partnership, and will deploy around EGP 450 mn to set up 3k charging stations within 18 months in Cairo, Alexandria, Giza, Sharm El Sheikh and several highways, the statement says.
What they’re signing up for: The private sector partner selected to manage and operate the company will be locked in with a medium-term contract for its services, in exchange for a portion of the company’s net income. The company or consortium will also be required to put up 25% (c.EGP 37.5 mn) of the JV’s capital.
What’s next: The ministry will announce the qualified bids the following Thursday, 24 March.
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