Eng. Amr Nassar, Minister of Trade and Industry, announced the implementation of a project in cooperation with the International Finance Corporation (IFC) to raise the efficiency of the use of electric motors in the Egyptian industry.
He added that the project aims to improve the competitiveness of the Egyptian industry by reducing energy use, encouraging 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 an extensive meeting with IFC delegation headed by Walid Labadi, Director of the Foundations office in Cairo for Egypt, Yemen and Libya. The meeting discussed the current projects of the International Finance Corporation in the Egyptian market and a number of future projects to be implemented between the Foundation and the Ministry during the next phase. Hanan Al-Hadari, Rapporteur of the Industry Council for Technology and Innovation, and Dr. Sherine Khallaf, Chairman of the Development Projects Council of the Ministry.
Nassar explained that the project includes the design of a package of policies and incentives to develop the efficiency of the use of electric motors in industry, pointing out that the project also includes increasing investment and promotion of local manufacturing of the electric motors industry and increase the local component in manufacturing by focusing on the development of value chain for the manufacture of electric motors in Egypt.
For his part, Waleed Labadi, Director of the International Finance Corporation (IFC) Office in Cairo, said that the institution is the largest international development institution that focuses directly on supporting and developing the private sector in developing countries. He added that the Foundation provides its financial resources, expertise, international experiences and innovative ideas to help its partners in implementing development projects. Serving their national economies.
He said that the financing of the project to raise the efficiency of electric motors used in the industrial sector in Egypt amounted to 2.3 million dollars for 3 years with the financial contribution of the International Finance Corporation with the support of the Ministry of Industry and Trade
The ministry is currently working with the ministry to launch a new project in the agro-industry sector in light of the sectoral strategies prepared by the ministry.