PROJECT

Projects

Summary of Investment Information

Project Number

40384

Company Name

GLOBAL TRONICS FOR ELECTRONICS S.A.E

Date SPI Disclosed

Nov 16, 2019

Country

Egypt, Arab Republic of

Region

Africa

Projected Board Date

Dec 18, 2019

Environmental Category

B - Limited

Status

Active

Last Updated Date

Sep 30, 2022

Department

Regional Industry - MAS Africa

Industry

Manufacturing

Previous Events

Approved : Dec 18, 2019
Signed : Jun 5, 2020
Invested : Oct 14, 2020

Sector

other

Project Description

Founded in 1998, Globaltronics for Electronics SAE ('Gtronics' or the 'Company' - http://www.gtronics.com/), a leading fully integrated Egyptian manufacturer of electricity management solutions, specializes in the development and manufacture of power meters including smart digital meters, prepaid meters and provides smart grid solutions in addition to Meter Management Systems (MMS).

IFC is considering a USD10m preferred equity investment in Globaltronics. The proposed investment will be used to (i) finance increased working capital for the greater expected sales and inventory of the Government of Egypt's mechanical meter replacement cycle; (ii) finance Globaltronics' overseas expansion plans, including in the Kingdom of Saudi Arabia (“KSA”) and Eastern Europe; and (iii) finance additional R&D and enhance the tendering department to be able to effectively compete in several African and Middle Eastern countries and meet their technical requirements, in addition to developing new products (the “Project”).

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation