Cairo – Mubasher: International Finance Corporation (IFC), the World Bank’s private sector arm, will provide $2.3 million financing facilities to step up the efficiency of electric engines used in the industrial sector in Egypt, the country’s trade and industry minister said.
The three-year finance aims to improve the competitiveness of the Egyptian industry by raising its energy efficiency, Amr Nassar said in a statement on Tuesday.
The project also includes encouraging investment in electric engines and increasing the local content in the industrial value chains, Nassar noted.
