Globaltronics (IFC-40384)

Countries
  • Egypt
Geographic location where the impacts of the investment may be experienced.
Specific Location
Cairo and KSA
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 18, 2019
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
GLOBAL TRONICS FOR ELECTRONICS S.A.E
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 2, 2020

Disclosed by Bank Nov 16, 2019

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank documents, IFC is considering a USD10m preferred equity investment in Globaltronics. The proposed investment will be used to

  1. finance increased working capital for the greater expected sales and inventory of the Government of Egypt's mechanical meter replacement cycle;
  2. finance Globaltronics' overseas expansion plans, including in the Kingdom of Saudi Arabia (“KSA”) and Eastern Europe; and
  3. 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”).
Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The total project cost is estimated at USD15m, of which IFC will provide USD10m in the form of preferred shares. The remainder will be financed through internal cash generation.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The company was founded by Dr. Hany Assal, a veteran investor with more than 35 years’ of experience establishing and managing successful information and communications technology and manufacturing ventures in Egypt and the Middle East. Dr. Assal and his family fully own the Company.

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).

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Globaltronics for Electronics SAE Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Globaltronics for Electronics S.A.E.
Mr. Mohamed Dessoki
General Manager
+202 3864 2082
mdesouky@gtronics.com
Lot 120, CPC Industrial Park, Sixth of October City, Postal code:12573/48, Giza, Egypt
http://www.gtronics.com/ 

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/ 

How it works

How it works