World Bank’s IFC :Financing Fawry Increases its Outlets To 35,000
Mouayed Makhlouf, MENA Regional Director of the International Finance Corporation, has announced that financing Fawry Electronic Bill Service with $ 6 million will help it increase the number of payment outlets to 35 thousand by 2016, up from 20 thousand outlets.
Makhlouf said in a statement that Fawry is a new profit opportunity for the network service distributors through their outlets as the volume of payment market in Egypt reach up to almost EGP 70 billion, which contribute to creating new jobs and establishing new investments in this field.
Moreover, he added that Fawry’s team includes elite of the best cadres in information and communication technology (ICT), as well as a special team of financial services with experience leading Egyptian institutions, as well as in major international companies, ranked on Fortune’s list of the 500 top companies in the World.
Makhlouf also confirmed that the company’s management adopts a security system is 100% impenetrable, thanks to the latest technology implemented by the largest banks and financial institutions in the world, international e-commerce services companies, in addition to thousands of companies conducting services all over the world via the internet, giving the company the ability to compete globally with other companies in other markets.
Furthermore, he emphasized that IFC is doing its best to stimulate foreign investment in Egypt, through supporting the private sector and achieving sustainable development through financing investment and operating capital in the Egyptian market. This has increased the capacity of the private sector to create jobs and stimulate the creativity.
Makhlouf asserted that Egypt shall not currently rely on the public sector in promoting production and pumping new investments, as the private sector must play a role in attracting foreign investments in Egypt, and opening new outlets in foreign markets, which will contribute to solving the country’s economic crises.
