Egypt’s Fawry gets USD6m investment from IFC

07 Feb 2013

(MENAFN) The International Financial Corporation (IFC), a member of the World Bank group, has agreed to inject USD6 million in Fawry, the Egyptian electronic payment provider, Daily News Egypt reported.

Fawry’s services are used by more than 10 million people to make payments to 43 providers.

The cash will be utilized to widen the network of payment terminals across the country, in order to help consumers paying bills and businesses to receive payments.

IFC said that the investment will also help win back investors’ confidence in the Egyptian economy and will create jobs in the high-tech sector.

The company, which has more than 20,000 payment locations, including retail stores, post offices, and the ATMs of 10 commercial banks, is planning to increase the number of payment locations to 35,000 by 2016.

The investment is part of IFC’s efforts to catalyse foreign investment in Egypt and support the private sector.

In the 2012 fiscal year, IFC committed USD506 million to seven local projects, a figure that included USD125 million mobilized from other investors. IFC has over USD1 billion investments in Egypt.

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