Summary of Proposed Investment
Project Number
10401
Company Name
IT WORX EGYPT
Date SPI Disclosed
Oct 3, 2000
Country
Egypt, Arab Republic of
Industry
Telecommunications and Technology
Projected Board Date
Nov 30, 2000
Status
Completed
Sector
Computer Systems Design and Related Services (System Integration, Custom Computer Programming, IT Services etc.)
Date Revised SPI Disclosed
Oct 31, 2000
Department
WBG Digital and AI
Environmental Category
C - No Impact
Previous Events
Approved : Dec 19, 2000
Signed : Mar 18, 2001
Invested : May 31, 2001
Project Description
The project consists in providing IT Worx, a software outsourcing company, with up to US$2.5 million in equity financing to complete the funding of its US$6.0 million expansion plan allowing the company to continue to meet the growing demand for its services and to enter the Internet space. The expansion would include computing hardware, software tools, infrastructure support such as communication links and physical facilities as well as funding IT Worx marketing and internet strategies.
IFC''s participation would encourage other local and foreign institutions to invest in IT Worx as well as increase the company''s credibility with major world companies in securing additional contracts. This project is in line with IFC''s strategy in Egypt to directly support SMEs and the development of the IT and Internet sector.
IFC''s participation would encourage other local and foreign institutions to invest in IT Worx as well as increase the company''s credibility with major world companies in securing additional contracts. This project is in line with IFC''s strategy in Egypt to directly support SMEs and the development of the IT and Internet sector.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Mr. Youssri Helmy |
| President |
| +(202)456-1177 |
| +(202)456-1152 |
| IT Worx 1 El-Saada St., Roxy 11341, Cairo, Egypt |