Sisi: EGP 100 Billion Support for Electric Vehicle Industry in Egypt

President Abdel Fattah El-Sisi has affirmed Egypt's commitment to encouraging investors and supporting their endeavors, especially in the electric vehicle industry. "We cannot afford to waste any time other than to encourage investors to work, develop, and invest," El-Sisi stated. He recalled his visits in 2016 and 2017 to countries like Japan and South Korea, where he promoted Egypt's interest in electric vehicles.

President Sisi remarked, "While we may have missed the traditional car manufacturing boom, the entire world is now focusing on electric vehicles. We said we're ready to offer incentives that make the electric car industry successful in Egypt, including establishing headquarters for companies with a designated state fund of EGP 100 billion."

Addressing potential investors, the President said, "If you want to manufacture electric vehicles in Egypt, we are prepared to engage in this sector to ensure that the industry is not a burden on investors. We will allocate the land, do what is required from us, while you will bring in the necessary equipment for production and manage the operations. We are doing this not to be co-owners but to facilitate and encourage your efforts without any obstacles."

The significant financial backing highlights Egypt's aggressive push to become a hub for electric vehicle production, aiming to attract global investors by offering substantial incentives and infrastructural support.