Egyptian Firm Globaltronics to Receive $10m from IFC to Improve Energy Efficiency
25 Jun 2020 by Agence Ecofin
The Egyptian supplier of electric energy meters, Globaltronics, will obtain an investment of $ 10 million from the International Finance Corporation. In addition to marketing its meters in the country, it will finance the construction of a new factory in Saudi Arabia.
Globaltronics will obtain from the International Finance Corporation (IFC) an investment of up to $ 10 million to market prepaid digital meters on the Egyptian market.
Part of this investment will finance the construction of a new factory in Saudi Arabia. The supplier of electric energy meters will also invest in research and development of new products.
“We are pleased to have the International Finance Corporation as a partner. We look forward to investing and expanding our business in Egypt and continuing to expand in the Middle East and Africa, ” said Dr. Hany Assal, founder and president of Globaltronics.
According to estimates by Globaltronics published on its site, Egypt should satisfy by the end of 2020, 20% of energy demand by using renewable energy solutions. Since 2014, the Egyptian government has undertaken a program to reform and modernize its energy sector. It includes the diversification of the electricity mix with an increasing share (42% by 2035) of renewable energies.