World Bank ‘s IFC Invests $ 6 Mln In Egypt’s Fawry
Published Tuesday, 05 February 2013 15:32 | Written by Nayera Eid
International Finance Corporation (IFC), a subsidiary of World Bank has pumped on Tuesday investments valued at $ 6 million for Fawry Electronic Bill Service company.
Eng. Ashraf Sabry, CEO of Fawry Company, said the investments allocated by the IFC will be used to make infrastructure expansions covering all parts of Egypt, noting that the expansions in payment centers will help the clients to pay for their bills and enable the corporations to pay for their financial dues contributing to stimulating the country's trade and economic development.
Eng. Ashraf Sabry added on the sidelines of a press conference that the cash deals, which represents 99% of Egypt’s financial transactions, are witnessing a clear deficiency. Sabry stressed that the E-payment helps in facilitating the dealings to face the increase in the country’s population and the decrease in banking transactions.
From his side the IFC’s MENA Regional Director Mouayed Makhlouf has asserted that the firms such as Fawry can support the Egyptian economy which has been affected over the past two years. Makhlouf noted that such firms help in providing job opportunities and highlighting the potentials available in the market.