London (Cab) calling: The European Bank for Reconstruction and Development (EBRD) will provide EGP 500 mn to Abou Ghaly Motors to expand its London Cab fleet of EVs, according to a statement (pdf). The tranche will fund the purchase of 100 electric cabs to add to its existing fleet of 250 electric London Cabs.

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Remember: The EBRD provided a EUR 10 mn loan to Abou Ghaly Motors back in 2022 to fund the purchase of 250 electric vehicles for its taxi fleet. The loan was part of a drive to electrify the company’s entire cab stock.

What they said: “This new tranche to expand the London Cab fleet to serve Egyptian passengers and incoming tourists to the Arab Republic of Egypt is a testament to the technical and administrative performance of Abou Ghaly Motors Group in this project. It also reflects the financial strength and resilience of the group,” said CEO Mohamed Abou Ghaly. He added that, “collaboration with the EBRD is not just about financing but has a significant impact on the group's administrative and technical development and its leading role in community development.”

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