Removing the upfront cost
For many delivery riders and small business owners in Egypt, the upfront cost of an electric motorbike is often what stands between them and going electric. Blu EV’s Memorandum of Understanding with ALEXBANK, part of the Intesa Sanpaolo Group within the International Banks Division, is built to remove it.
Blu EV signed the MoU to finance electric motorbikes for delivery and sustainable mobility services in Egypt. It formalizes the financing partnership the two first announced in November 2025.
Financing built for riders
Under the partnership, ALEXBANK offers a simplified financing solution for clients engaged in microfinance activities, such as delivery riders and small business owners, to acquire Blu EV-powered LEVs through Blu EV’s authorized distributors.
Down payment: 0%
Repayment: flexible plans of up to 36 months
Interest: competitive rates
Approval: within 48 hours
By turning the upfront cost of going electric into a manageable monthly plan, the partnership aims to create jobs and new economic opportunities: faster entry into work, lower operating costs and higher income for riders.
“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,” said Paolo Vivona, CEO & Managing Director of ALEXBANK. “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%.”
A critical piece of the ecosystem
Introducing Battery-as-a-Service (BaaS) to the EMEA market meant building an entire ecosystem from the ground up, bringing together regulators, OEMs, 3PLs, last-mile operators, financial institutions and insurance providers, among many others. Financing is what opens that ecosystem to riders who could not otherwise afford to join it.
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Rida Baalbaki
Co-founder & CEO, Blu EV
At the signing
The MoU was signed in Cairo under the auspices of the Embassy of Italy, on the sidelines of the visit of Ms. Paola Papanicolaou, Chief of the International Banks Division at Intesa Sanpaolo Group, in the presence of:
H.E. Mr. Agostino Palese, Ambassador of Italy to Egypt
Eng. Naguib Sawiris, Chairman of OIH & Blu EV
Mr. Marwan Hussien, CEO of OIH
Mr. Rida Baalbaki, Co-founder & CEO of 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
Senior officials from both parties also attended.
Greener cities, wider access
Beyond its economic impact, the partnership contributes to reducing carbon emissions while providing a safe, affordable and environmentally friendly way to get around, supporting greener and more sustainable urban communities.
For ALEXBANK, it is part of a wider strategy to integrate Environmental, Social and Governance (ESG) principles into its commercial operations. For Blu EV, it means more riders can join the Blu EV Ecosystem on their own terms.
See what the Blu EV Ecosystem can do for your operation.
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