PROJECT

Projects

Summary of Investment Information

Project Number

31920

Company Name

FAWRY FOR BANKING AND PAYMENT TECHNOLOGY SERVICES SAE

Date SPI Disclosed

Apr 26, 2012

Country

Egypt, Arab Republic of

Region

Africa

Projected Board Date

May 28, 2012

Environmental Category

C - No Impact

Status

Completed

Last Updated Date

Sep 30, 2022

Department

Global Industry, Financial Markets

Industry

Financial Markets

Previous Events

Approved : Nov 15, 2012
Signed : Dec 6, 2012
Invested : Feb 1, 2013

Sector

Content (B2C Companies)

Project Description

Fawry for Banking and Payment Technology Services SAE (“Fawry”, the “Company”), is the first and largest electronic bill payment platform (EBPP) in Egypt. The Company was established in 2008 with the objective of facilitating payments on a ubiquitous electronic platform. Its extensive network footprint with more than 10,000 points of presence allows (a) consumers to pay bills or top-up their mobile phones and (b) businesses to pay for goods and services. Fawry has invited IFC to invest up to [US$6.0] million in equity to finance the Company’s growth and help support the Company in (i) continued expansion of its network within Egypt, (ii) service and product development and (iii) sales and marketing (together the “Project”). The Project would result in 16,000 additional points of presence and number of new products offerings, including business to business (B2B) payments.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation