PROJECT

Projects

Environmental & Social Review Summary

Project Number

44246

Company Name

BOLT TECHNOLOGY OU

Date ESRS Disclosed

Mar 4, 2021

Country

Africa Region

Region

Africa

Last Updated Date

Mar 6, 2025

Environmental Category

B - Limited

Status

Completed

Previous Events

Approved : Dec 18, 2020
Signed : Jan 29, 2021
Invested : Mar 26, 2021

Sector

Other Support Activities for Transportation (Grain Terminals, Cargo Terminals, Airport Operations)

Industry

Infrastructure

Department

Disruptive Technologies and Funds

Project Description

 Bolt was launched in Estonia in 2013 and is a leading global mobility platform, operating in over 200 cities across more than 40 countries, with a focus on Africa and Central and Eastern Europe (“CEE”). The Company’s three core offerings include: (i) Ridehailing: on-demand ride booking of cars, motorcycles, and tuktuks; (ii) E-mobility rentals: dockless electric scooter rentals and e-bikes; and (iii) Delivery: on-demand food, grocery, and business deliveries. The Company has more than 50 million customers and 1.5 million drivers globally. As of 2019, some of the platform’s largest markets by number of rides include: South Africa, Nigeria, Poland, Kenya, and Azerbaijan.

 

IFC is considering a EUR 20 million investment in Bolt in the form of a convertible note. The proceeds of the financing are expected to help support the Company as it: (i) expands further into Tier 2 and 3 cities in Africa and CEE; (ii) grows its food delivery product, and (iii) introduces financial service products in Africa and CEE.

Overview of IFC's Scope of Review

 The project was considered eligible for virtual appraisal in the midst of COVID-19 pandemic, and E&S review was therefore conducted in July 2020, including (i) a virtual meeting with Bolt management team; (ii) a review of the E&S management procedures; and (iii) additional questionnaire-based interviews. No site visits could be conducted by the IFC team considering the current travel restrictions due to COVID-19 pandemic. Site visits to the company’s assets will be undertaken as soon as the situation allows

E & S Project Categorization and Applicable Standard

Environmental and Social Mitigation Measures

Stakeholder Engagement

Broad Community Support

Environmental & Social Action Plan