According to the signed protocol, the three parties will cooperate in providing eco-friendly smart transport system and making light and heavy electric bikes for the Arab and African markets, as well as qualifying human cadres. 

The protocol comes as part of Egypt's strategy for green transformation.

"The agreement is aimed at introducing a smart operation system for electric bikes in the Red Sea resort city of Sharm El Sheikh, the New Administrative Capital and new urban cities," said Terras.

He further stressed the importance of pumping new investments in the manufacturing of electric bikes and enhancing the competence of workers involved in such industry.