News
22 June 2020
IFC invests in Globaltronics to boost energy efficiency in Egypt
In:
Manufacturing, Traditional energy
Region:
Middle East & Africa
The International Finance Corporation is investing up to $10 million in an Egyptian company to help it expand installation of digital prepaid and smart electricity meters in homes.
IFC’s financing will enable Globaltronics SAE, which manufactures electricity measurement solutions, to support government plans to replace outdated meters with prepaid and smart digital meters as part of ongoing energy reforms. Prepaid digital meters improve billing accuracy and offer more convenient payment options.
They also contribute to overall reduced energy consumption by making it easier for consumers to track their energy use. The investment will help Globaltronics set up a new manufacturing facility in Saudi Arabia.
