ALEXBANK Signs an MoU with Blu EV

Under the auspices of the Embassy of Italy in Cairo, and on the sidelines of Ms. Paola Papanicolaou’s visit to Egypt, Chief of the International Banks Division, Intesa Sanpaolo Group, and in the presence of H.E. Mr. Agostino Palese, Ambassador of Italy to Egypt; Eng. Naguib Sawiris, Chairman of OIH & Blu EV; Mr. Paolo Vivona, CEO & Managing Director of ALEXBANK; Ms. Natascia Noveri, Executive Director- Retail & Wealth Management International Banks Division, Intesa Sanpaolo Group; Mr. Ramy Taha, Deputy CEO Retail & Digital Banking at ALEXBANK; Mr. Marwan Hussien, CEO of OIH; and Mr. Rida Baalbaki, Co-Founder and CEO of Blu EV, along with senior officials from both parties, ALEXBANK—part of the Intesa Sanpaolo Group within the International Banks Division—signed a Memorandum of Understanding (MoU) with Blu EV, the leading electric mobility solutions provider and the affiliate of Orascom Investment Holding.
The partnership aims to contribute to job creation and support the green economy by financing electric motorbikes and enhancing access to sustainable mobility. In support of this objective, ALEXBANK offers an innovative, accessible, and simplified financing solution for clients engaged in microfinance activities, enabling them to acquire Blu EV compatible energy-efficient electric bikes directly through the company and its authorized distributors. The financing solution offers flexible repayment plans of up to 36 months, with 0% down payment, competitive interest rates, and approval within 48 hours. This initiative creates new economic opportunities for individuals operating in this segment—such as delivery service riders and small businesses owners—by facilitating rapid workforce entry, reducing operating costs, and enhancing income levels and overall quality of life.
Beyond its economic impact, the collaboration contributes to reducing carbon emissions while providing a safe, affordable, and environmentally friendly transportation alternative, supporting greener and more sustainable urban communities.
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.