Abdul Latif Jameel Finance has announced the launch of a new EV financing program in Egypt. It was shared that through the program, at least a 20 per cent down payment is required to access financing value of up to EGP 3 million, with a flexible tenor of up to five years. Customers also have access to insurance, maintenance, and spare parts financing programs of up to EGP 150,000.
Speaking about the EV Financing Program, Siraj Badqail, CEO of Abdul Latif Jameel Finance, said: “The introduction of the electric vehicle financing program aligns with our belief in the significance of environmental preservation and our dedication to promoting a more sustainable future.
“This program is a valuable investment for the future, offering potential for growth and advancement in the automobile industry. Moreover, it coincides with the government’s initiative to exempt electric vehicles from customs, further emphasizing our commitment to supporting this transition.”
Egypt’s EV market is currently considered a “starter market” in its nascent stage, with a limited number of EVs on the roads. The country faces various challenges with regard to EV uptake, including having one of the lowest GDPs per capita in the MENA region and the absence of an adequate charging infrastructure. According to the Global Electric Mobility Readiness Index (GEMRIX) 2023, it ranked 28th. However, the report pegged it to “likely become” an important market for EVs.