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’.
Created to help facilitate access to EVs and encourage the growth of the EV industry in Egypt, the new program will offer customers up to US$ 208,900 (EGP 4 million) over a five year period. The program launch comes at a time when Egypt is on the cusp of an EV up-take. The number of charging stations around the country are increasing and it is expected that Egypt will see its first locally assembled electric vehicle in 2023. The government is offering incentives to consumers to purchase EVs.
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.