IFC finances project in Egypt’s industrial sector by $2.3M

CAIRO – 30 April 2019: The International Finance Corporation (IFC) is financing a project to upgrade the efficiency of electric motors used in the Egyptian industrial sector worth $2.3 million for 3 years, the Egyptian Minister of Trade and Industry Amr Nassar said.

Nassar added in a statement that the project aims to improve the competitiveness of the Egyptian industry by reducing energy use, promoting energy efficiency practices, introducing energy efficiency standards, evaluating electric motors and encouraging investment in energy efficiency technologies in motors and electric motors used in industry.

This came during the extended meeting held by the Minister with IFC delegation led by WalidLabadi, Director of the Foundation’s Cairo office for Egypt, Yemen and Libya.

The project includes the design of a package of policies and incentives to develop the efficiency of the use of electric motors in the industry, according to the minister, pointing out that the project also includes increasing investment and promotion of local manufacturing of the electric motors industry and increasing the local component in manufacturing by focusing on developing value chain for the manufacture of electric motors in Egypt.

Nassar explained that the ministry is currently discussing with the International Finance Corporation a partnership project to strengthen the alternative fuel supply chain in Egypt’s cement industry, with a focus on waste gas, in order to create a better market environment for implementing alternative energy projects as part of the waste management system.

He said that the ministry aims to adopt new technologies to exploit the available resources efficiently to maintain the competitiveness of the national industry especially in light of the high prices of energy and oil and its repercussions on industrial growth rates.