The International Finance Corporation (IFC), a subsidiary of the World Bank Group, has invested $10 million in Globaltronics’ power grid solutions provider. The company based in 6th of October City (Giza Governorate) offers its services mainly in Saudi Arabia and Egypt.
The company will carry out a major project in the country to reduce household electricity consumption through the installation of smart prepaid digital electricity meters. Globaltronics finds that these meters improve billing accuracy and provide more convenient payment options. These devices would therefore contribute to energy efficiency by making it easier for users to track their electricity consumption.
The construction of a new electricity meter manufacturing facility
According to the IFC, its investment in Globaltronics is intended to support the Egyptian government’s plans to replace obsolete meters with smart, prepaid digital meters as part of the country’s ongoing energy reforms. Also, “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,” says the International Finance Corporation (IFC).
To achieve its goals, including replacing existing meters with digital meters, Globaltronics will need to build a new manufacturing facility in Saudi Arabia “and increase investment in research and development to increase exports and develop new products”.
Jean Marie Takouleu