According to bank documents, IFC is considering a USD10m preferred equity investment in Globaltronics. The proposed investment will be used to
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.
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).
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Globaltronics for Electronics S.A.E.
Mr. Mohamed Dessoki
+202 3864 2082
Lot 120, CPC Industrial Park, Sixth of October City, Postal code:12573/48, Giza, Egypt
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/