MobiNetS is 99% owned by its founder Mr. Labib Shalak, a 38-year old Lebanese-French national, who has been active in the Information, Communications and Technology (“ICT”) sector since 1997. Prior to MobiNetS, Mr. Shalak worked as a system engineer and senior consultant with Mobile Systems International in the United Kingdom (“MSI-UK”) and in the Research & Development department of France Telecom. He obtained a master degree from the Ecole Nationale Supérieure des Télécommunications (Paris, France) in 1997.

Total Project Costs is estimated at $ 12.7 million over the next two years. IFC’s proposed equity investment of up to $2.5 million will mostly used to hire high level management as well as technical staff. The remaining financing will come from the Company’s internal cash flows and potentially another co-investor.

3.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	3.0

* These investment figures are indicative

MobiNetS is headquartered in Tripoli, Lebanon and has sales offices in Morocco and France. As part of its growth strategy, MobiNetS plans to open sales offices in Russia, South Africa, Singapore, and other cities in North and Latin America.

1. IFC's strategy includes a focus on under-served markets, such as Tripoli which is Lebanon’s 2nd largest city and is based in a “Frontier Region”. This will be IFC’s first investment outside of Beirut, and will contribute to more balanced regional growth, which is essential to support greater social cohesion; 2. Support development of high value addition in the ICT sector in Lebanon: figures released by the United Nations Conference on Trade and Development (“UNCTAD”) indicate that Lebanon is one of the largest exporters of Information and Technology (“IT”) services among the middle East and North Africa (“MENA”) region. Supporting companies like MobiNetS help demonstrate Lebanon's ability to produce world class ICT services; 3. Increase employment opportunities through companies like MobiNetS, which benefit local ICT professionals by creating high quality job opportunities and developing skills in the value-added ICT services sector. This investment can also help these businesses retain talent within Lebanon, increasing the country's chances of further economic prosperity; and 4. Support cost effective infrastructure services: investing in a company like MobiNetS which contributes to reduce inefficiencies and generates cost savings, is fully in line with the World Bank Group's strategy in the ICT sector.

1. Address a key funding need: IFC will provide venture capital to a Small and Medium Enterprise (‘SME”) in Lebanon’s 2nd largest city, Tripoli, which is otherwise difficult to obtain for early stage companies in Lebanon; 2. IFC as first institutional investor: having IFC as its first institutional investor should strengthen MobiNetS credibility as it targets large mobile network operators outside of Lebanon; and 5. Improve corporate governance and financial management by requiring MobiNetS to strengthen its governance and financial management (as well as Environment & Social) systems, more in line with international standards, which should have a demonstration effect on similar firms while improving MobiNetS operations.

MobiNetS provides electronic services that save energy and other resources and lower carbon emissions. Due diligence at appraisal showed that environmental and social risks are low in this project, so the project is classified as Category C according to IFC''s environmental and social review procedure.