Cairo – Mubasher: The International Finance Corporation (IFC), a member of the World Bank Group, announced investing $10 million in the Egyptian electricity meter manufacturer GlobalTronics, the Middle East News Agency (MENA) reported on Sunday.
The investment will help the Cairo-based firm expand into manufacturing and installing prepaid electricity meters in homes.
This move supports the government’s efforts in installing prepaid meters which provide more accurate readings and help cut electricity consumption.
Through the investments, GlobalTronics will set up a net factory in Saudi Arabia and boost its investments in research and development with the aim of increasing exports and developing new products.
