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Egypt to form joint venture with China for electric car production

Egypt will sign an agreement with a Chinese company in July for the construction of a plant to produce electric cars, an Egyptian Minister was quoted on Friday as saying.

The agreement includes two parts covering granting trademark license to the Chinese firm in Egypt and the construction of different types of electric cars in the North African country, Minister of Public Business Sector Hisham Tawfik said.

“There has been a delay in the signing of the agreement due to the delay in supply of equipment for the plant due to the rise in the US dollar,” Tawfiq told the Egyptian Arabic language daily Adductor.

“The problem has been tackled and we intend to sign the agreements with the Chinese company in July,” the Minister added without identifying the firm.

Tawfiq said the project would be a joint venture between state-owned El Nasr Automotive Manufacturing Company and the Chinese firm and that production will comprise various types of vehicles, including cars, transport vehicles, buses and minibuses.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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