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Monday, 22 June 2020

IFC is investing USD 10 mn in smart meters outfit Globaltronics

INVESTMENT WATCH- IFC is investing USD 10 mn in smart meters outfit Globaltronics: The International Finance Corporation (IFC) is investing USD 10 mn in Egyptian electricity measurement technology manufacturer Globaltronics to help expand the company’s prepaid digital meter installation program across Egypt, according to an IFC statement. The smart electricity meters are designed to provide both the government and households with more accurate billing information for home electric consumption. Globaltronics will use the funding in part to set up a new manufacturing facility in Saudi Arabia as part of its planned expansion across the Middle East and Africa, Chairman Hany Assal said.

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