The Minister of the Egyptian Public Business Sector Hisham Tawfik and French ambassador to Cairo, Marc Baréty, witnessed the signing of a memorandum of understanding between Al Nasr Automotive Manufacturing Company, a subsidiary of the Metallurgical Industries Holding Company, one of the companies of the Ministry of Public Business Sector, and Valeo Egypt – a subsidiary of the Valeo France – to design, develop and produce electric car components.
The memorandum of understanding between the two sides stipulated cooperation in developing the various components of electric vehicles to be produced as part of the Ministry of Public Business Sector’s plan to manufacture electric vehicles of different sizes, aiming to localize the technology in Egypt.
On the other hand, Tawfik held an extensive meeting with a delegation of the the Movement of the Enterprises of France (MEDEF), which is currently visiting Egypt, in the presence of the French ambassador in Cairo, to discuss joint cooperation.
Earlier in March, Al Nasr Automotive and the National Automotive Company (NATCO) signed a shareholder agreement to establish the first company specialized in the distribution and sale of electric cars in Egypt.
The company will provide after-sales services, maintenance and warranty for electric cars: as well as financing and insurance solutions for electric cars that the company will distribute.
According to the agreement which was signed by Minister Tawfik, the new company will be the sole distributor for the homemade car that Nasr company will produce in Egypt during 2023.
There will also be a number of different types and models of electric cars from other international brands that the new company will import or distribute.
According to the agreement, the capital of the new company will be LE500 million, where NATCO holds 76 percent stake and Al Nasr Automotive Manufacturing Company holds 24 percent.