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Ministry of Electricity had unveiled plans to upgrade the existing power grid and to carry out projects for power distribution and transmission at the three-year investments financed by local banks, notably Misr Bank and National Bank of Egypt.
In statements delivered to Al-Mal newspaper, ABB's regional director in Egypt, North and Middle of Africa Nagi Gregory said that the company seeks to increase its investments by 10% to reach 30% of total output up from 20% now.
On the other hand, Gregory lauded economic reforms conducted recently by the Egyptian government, on top of which is the New Investment Law, as it " regulates the relationship between investors and local authorities far adequately."
While ruling out delving into the arena of manufacturing pre-paid or smart meters, ABB bought a new building in Cairo's Fifth Settlement District against EGP150 million and engaged since 2011 in upgrading its factories and production lines, he noted. Source: Al-Mal Newspaper
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