WSCO will invest 500 million euros in Smart City projects

WSCO and CNEEC will invest 500 million euros in Smart City projects

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Giant China National Electric Engineering Co., Ltd. (CNEEC), one of China’s leading state-owned companies, with a large international activity, has signed a financing agreement with The World Smart Cities Organization, which provides for the investment of 500 million of euros in projects of this kind.

WSCO and CNEEC signed the financing agreement for smart city projects on Wednesday, April 3rd, 2019.

Eduard Dumitrascu, WSCO: “The agreement with the Chinese is the first step in a comprehensive investment plan, CNEEC representatives expressing their interest in creating a long-term partnership with our organization”

Zhang Yanfei, CNEEC: “The investment agreement concluded with WSCO is an important step towards developing projects with major impact for energy, environment, and infrastructure”

Smart city projects with development potential worldwide are becoming more and more attractive, as business people are showing a high interest in investing in such initiatives.

The financing agreement aims to develop projects in the main vertical fields of the industry – energy, living, environment and infrastructure, and the main purpose is to support WSCO’s projects for the development of creative-intelligent communities, according to the representatives of the organization. The agreement has a ten-year period of implementation, and the first projects will be announced in the next period.

In this context, Eduard Dumitrascu, president of WSCO, told us: “We believe in the development potential of the Smart City Industry and we have all the necessary resources for the correct and coherent implementation of these projects. The financing agreement represents a great opportunity for the development of the Smart City Industry worldwide. Many cities around in emerging countries have the potential of becoming Smart City regional hubs with a little help and some funds.“

Eduard Dumitrascu also told us that in the next period, the first rounds of discussions with the municipalities, companies, and institutions interested in accessing the available funds will be initiated by the Chinese company.

This agreement represents the first step in a comprehensive investment plan, with CNEEC representatives expressing their interest in creating a long-term partnership, the WSCO president also told us.

Zhang Yanfei, Chairman of the Board of Directors of CNEEC, stressed: “We are extremely pleased to make this agreement. We believe the Smart City Industry has great development potential. The WSCO investment agreement is an important step towards developing projects with major impact on energy, environment and infrastructure. “