Fawry-Egypt Expands in Infrastructure Tech with US$6 mln

Eng. Ashraf Sabry, CEO of Fawry Electronic bill services revealed that his company used around 30% of the International Finance Corporation (IFC) which reached $US6 million to expand in infrastructure technology including the check points which spreading in shops, supermarkets and pharmacies in addition, developing ‘ATM’ ‘s Super Fawry.

Sabry informed Amwal Al Ghad in an exclusive that the check points of Fawry become 45 K with total investments up around US$1 million, stressing thatUS$1 million has been invested for the developed ATM and check points in order to launch 1500 ATMs within the first quarter of 2014.

Sabry emphasized that Fawry is using the rest value from the direct investments of IFC which it obtained in the early of this year that reached US$4 million in studying the regional markets so as to select the best offer of e-payment services in the Arab countries, UAE and Lebanon.

IFC pumped $6 million to invest in Fawry in Egypt, capturing about 18% from the company’s shares, the company started with 75% ( EGP77 million ) paid-up capital including Egyptian banks and corporations such as bank of Alexandria, Egypt ICT fund, Arab African International Bank (AAIB), Raya Holding Co, HSBC and the total cash hit EGP87 million in the beginning of 2012.