Finance

Egypt’s Globaltronics to benefit from $10mln IFC support to enhance energy efficiency

Tuesday, 23 June 2020 15:48
Egypt’s Globaltronics to benefit from $10mln IFC support to enhance energy efficiency

(Ecofin Agency) - Egyptian company Globaltronics will receive $10 million from the International Finance Corporation (IFC) to bring prepaid digital meters to the Egyptian market. Part of the money will be injected into a new plant in Saudi Arabia. The electricity meter supplier will also invest in research and development of new products.

‘We look forward to investing and growing our business in Egypt and to continue expanding in the Middle East and Africa. As well as supporting manufacturing, the project is part of the World Bank Group’s strategy to help Egypt optimize its overall domestic electricity consumption, which in turn will help the government reduce subsidies to the energy sector,” said Dr. Hany Assal, founder and president of Globaltronics.

According to Globaltronics estimates published on its website, Egypt is expected to meet 20% of its energy demand through renewable energy solutions by the end of 2020. Since 2014, the Egyptian government has undertaken a program of reform and modernization of its energy sector, including diversifying the electricity mix with a growing share (42% by 2035) of renewable energy.

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