The International Finance Corporation (IFC) has announced an investment of up to  $10m in a local Egyptian company, Globaltronics to help expand and improve energy efficiency in Egypt.

The investment will help the company to expand the installation of digital prepaid and smart electricity meters in Egyptian homes.

It will also support government energy reforms to improve billing accuracy, provide more payment options and better information to the consumers about their energy use in order to encourage savings.

Globaltronics will set up a new manufacturing facility in Saudi Arabia

IFC Egypt, Yemen and Libya country manager Walid Labadi said: “Egypt’s electricity consumption has witnessed an increase in growth in recent years and is likely to accelerate further.

“This project is part of IFC’s strategy to support the government in its reforms of the sector and boost energy efficiency, while also helping a local company expand in the region and diversify its offering.”

Globaltronics is a major supplier and manufacturer of electricity smart grid solutions to the Egyptian market.

The investment will allow Globaltronics to support government plans to replace out-dated meters with prepaid and smart digital meters as part of ongoing energy reforms.

The company will also use the funding to set up a new manufacturing facility in Saudi Arabia and increase its investment in research and development to grow exports and develop new products.

Globaltronics founder and chairman Hany Assal said: “We are glad to have the IFC as a partner in Globaltronics. We look forward to investing and growing our business in Egypt and to continue expanding in the Middle East and Africa.”

In March this year, IFC has signed a €303m full debt financing package for the 390MW Atinkou combined-cycle gas turbine power plant in Côte d’Ivoire, Africa.