· International Finance Corporation proposes to invest $10 mn in a local Egyptian company
· The investment is expected to support government energy reforms to improve accuracy in billing, more payment options for customers and provide transparency and information about energy usage.
International Finance Corporation proposes to to invest $10 mn in a local Egyptian company to expand the installation of digital prepaid and smart electricity meters. The investment is expected to support government energy reforms to improve accuracy in billing, more payment options for customers and provide transparency and information about energy usage to consumers. This project is part of the World Bank Group’s strategy to support Egypt to optimise its overall domestic electricity consumption, leading to cutting down of the subsidies to the energy sector. It is expected to support the Egyptian government in its reforms of the sector and boost energy efficiency, while also helping a local company expand and diversify .
Globaltronics, the Egyptian partner company will set up a new manufacturing facility in Saudi Arabia as well as enhance its investment in research and development to grow exports and develop new products. Dr. Hany Assal, founder and chairman of Globaltronics said that his company was happy to partner with IFC and looked forward to investing and growing its business in Egypt and also expand its operations to the Middle East and Africa.
In its bid to reform its energy sector, Egyptian government plans to replace outdated meters with prepaid and smart digital meters. The IFC funding will also be utilised by Globaltronics SAE to manufacture electricity measurement solutions to support the government. Prepaid digital meters are expected to improve billing accuracy, offer more convenient payment options and help consumers to reduce energy consumption by tracking their energy usage in real-time.
