IFC to invest $10M in electricity meter manufacturer "Globaltronics"

CAIRO - 21 June 2020: The International Finance Corporation (IFC) announced Sunday a $10 million investment fund to Egypt's Globaltronics S.A.E.

The fund is dedicated to expanding the company's production and installation of prepaid smart electric meters in support of the government's energy reforms, which will improve the accuracy of power bills and provide consumers with numerous payment options, the IFC noted in a press release.

These smart meters will also help rationalize electricity use, enabling consumers to keep track of their energy consumption, the IFC added.

The IFC is a sister organization of the World Bank and member of the World Bank Group. It is the largest global development institution focused on the private sector in developing countries.