(MENAFN- Daily News Egypt) Global power and automation technologies company ABB is planning to add 10 GW to Egypt's electricity network over a three-year period, participating in projects to develop and upgrade the national grid using ABB products.
The announcement was made during a roundtable discussion in Cairo, attended by Ambassador of Sweden Charlotta Sparre, Ambassador of Switzerland Markus Leitner, CEO of ABB Group Ulrich Spiesshofer and Managing Director of ABB in Egypt, North and Central Africa Naji Jreijiri.
The event took place while Spiesshofer and head of the company's global markets Tobias Becker are on a tour of Africa. They discussed their plans to assist with Egypt's economic development plans.
During their visit, ABB representatives have met with Minister of Investment Ashraf Salman, Minister of Electricity Mohamed Shaker, and former Prime Minister Ibrahim Mehleb, who is now a presidential advisor for national projects.
Jreijiri disclosed that the company is planning to invest in the Cairo Administrative Capital project through energy projects. Investments will also be made in the Suez Canal Zone.
Jreijiri stressed that the company will not acquire funding from local banks in Egypt for projects.
ABB, in partnership with Philips, will launch a social awareness campaign, targeting school students all over the country, on electricity rationalization and fair usage of power.
Ambassador of Switzerland Markus Leitner said that ABB's investments signal confidence in the Egyptian market, which is Switzerland's biggest exports destination in Africa and the second largest investment hub.
ABB recently opened two new manufacturing facilities in 10th of Ramadan City to produce compact substations and medium voltage switchgear. Capital investment in 2014 amounted to $120m and the volume of orders received in 2014 reached $241m.
ABB is currently working on expanding the electricity power infrastructure of Cairo International Airport, and ABB won a bid for an electricity power station for the new metro in March.
ABB is a multinational company headquartered in Zurich, Switzerland. It was formed after the Swiss Brown Boveri company and Sweden's Asea merged in 1988. The company's activities concentrate on electrical equipment, industrial machinery, and related systems.
ABB started operating in Egypt in 1926, but its manufacturing investment began in 1979, and it now has five factories in 10th of Ramadan City.
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