World Bank’s IFC Acquires 18% Of Fawry Shares

International Finance Corporation(IFC), subsidiary of the World Bank, has acquired 18% of the Fawry Electronic Bill Service’ shares specialized in providing bill payment services for banks, retailers, Egyptian post offices, and airline companies.

Eng. Ashraf Sabry, CEO of Fawry Company, said on Monday IFC will acquire such stake through subscribing to the entire capital increase, amounting to about$ 6 million (=EGP 40 million), pointing out that IFC has bought each share twice its nominal value; EGP 20 per share.

After IFC has pumped new investments increases the capital of Fawry company e-payments from EGP 87 million to about EGP 127 million, equivalent to $19.5 million.

Eng. Sabry  added that the the deal is the first investment for the International Finance Corporation (IFC) of the World Bank in Egypt in the new year, pointing out that this investment is important in light of the difficult circumstances that the country is going through at the political and economic levels.

Fawry company’s contributions are distributed between several Egyptian and foreign banks including Alexandria San Paolo, HSBC and Arab African International Bank, in addition to Raya Holding Company Capital Trust and Information and Communication Technology (ICT) Fund.

Moreover, the 3 international financing institutions are the World Bank, the European Bank for Reconstruction and Development and the (IFC) have confirmed mid-January their commitment to Egypt and the Middle East to provide funding packages needed to finance development programs ,great projects ,private sector, infrastructure projects and Public-Private Partnership Projects.