Under the auspices of the Embassy of Italy in Cairo, and during the official visit of Ms. Paola Papanicolaou, Chief of the International Banks Division at Intesa Sanpaolo Group, ALEXBANK—part of the Intesa Sanpaolo Group within the International Banks Division—formally signed a Memorandum of Understanding (MoU) with Blu EV, Egypt’s leading electric mobility solutions provider and an affiliate of Orascom Investment Holding (OIH).
The signing took place in the presence of H.E. Mr. Agostino Palese, Ambassador of Italy to Egypt; Eng. Naguib Sawiris, Chairman of OIH and Blu EV; Mr. Paolo Vivona, Chief Executive Officer and Managing Director of ALEXBANK; Ms. Natascia Noveri, Executive Director, Retail and Wealth Management, International Banks Division at Intesa Sanpaolo Group; Mr. Ramy Taha, Deputy CEO for Retail and Digital Banking at ALEXBANK; Mr. Marwan Hussien, CEO of OIH; and Mr. Rida Baalbaki, Co-Founder and Chief Executive Officer of Blu EV, alongside senior executives from both organizations.
This partnership reflects a shared commitment to advancing sustainable economic growth, job creation and financial inclusion, while accelerating Egypt’s transition toward a greener economy. Through this collaboration, ALEXBANK will deploy a purpose-built, streamlined financing solution targeting microfinance clients, enabling the acquisition of Blu EV-compatible, energy-efficient electric motorbikes through the company and its authorized distributors.
The financing program features flexible repayment terms of up to 36 months, zero down payment, competitive interest rates and credit approval within 48 hours. By lowering barriers to entry and reducing operating costs, the initiative is positioned to create tangible economic value for delivery riders and small business owners—supporting rapid workforce integration, income generation and improved quality of life.
Beyond its economic impact, the collaboration delivers a measurable environmental benefit by reducing carbon emissions and expanding access to safe, affordable and environmentally responsible mobility solutions. It reinforces both partners’ commitment to sustainability and supports the development of resilient, low-carbon urban communities in line with national and corporate ESG priorities.
In this context, Mr. Paolo Vivona, CEO & Managing Director of ALEXBANK, commented: “Our partnership with BLU EV reflects a unique ambition to supercharge the Gig economy and Last Mile Operator ecosystem in Egypt in a fully environmentally sustainable manner. Through this initiative, ALEXBANK aims to empower thousands of young individuals to own and operate their own delivery and smart mobility bikes, whilst being able to leverage our innovative financing solutions to increase their monthly income by upwards of 35%. We’re excited to partner with Blu EV who represent the cutting edge of mobility products, software and smart battery technology all brought together in a unique app-driven experience.”
Mr. Rida Baalbaki, Co-Founder and CEO of Blu EV stated: “Introducing BaaS with a new e-mobility concept to the EMEA market is far more than the adventure of a first mover in a long-stagnant global transportation industry. To pave the way, Blu EV had to build an entire ecosystem from the ground up—bringing together regulators, OEMs, 3PLs, last-mile operators, financial institutions, and insurance providers, among many others. Our partnership with ALEXBANK places a critical piece in this ecosystem, enabling Blu EV subscribers—delivery agents and other e-mobility users with limited or no access to financing—to benefit from ALEXBANK’s well-crafted programs. This reflects not only the forward-thinking vision of the bank’s leadership but also its strong commitment to sustainability and financial inclusion. We are proud and excited about the potential of our partnership with ALEXBANK to unlock new pathways for green transportation.”
It is worth noting that ALEXBANK continues to expand its strategy to enhance its footprint and strengthen the incorporation of Environmental, Social, and Governance (ESG) principles into its commercial operations.
