Press Releases
print

IFC Supports Lebanon's Burgeoning Tech Sector with New Investment


In Cairo:
Riham Mustafa
Phone: +20 2461 4230
E-mail: rmustafa@ifc.org


Tripoli, Lebanon, December 14- IFC, a member of the World Bank Group, is helping create jobs and supporting the development of Lebanon’s technology sector through a $2 million equity investment in software company MobiNetS.  
 
The investment will support the firm, which specializes in mobile-telecommunications software, as it embarks on an ambitious to plan to expand into new international markets. The agreement will also help create high-quality programming and software engineering jobs in Lebanon's burgeoning technology sector.
 
“As MobiNetS looks to develop new products and take those products into new markets, we are heartened to have IFC supporting us in the endeavor,” said MobiNetS founder and CEO, Labib Shalak. “IFC’s investment is a vote of confidence in our product, our business and our management.”  
 
IFC’s support of MobiNetS demonstrates the organization’s commitment to growth-oriented companies that create jobs. This investment is especially important as MobiNetS is located in the Lebanese city of Tripoli, which typically receives less investment than the capital, Beirut.
 
“We hope that our support of MobiNetS will demonstrate to other companies and investors that there are good opportunities in Lebanon’s ICT sector, which, with the right investor base and quality management, can lead the way in innovation and growth,” said Mouayed Makhlouf, IFC Director for the Middle East and North Africa.  
 
MobiNetS' flagship product offers advanced solutions for operating, planning and optimizing mobile telecommunications networks. These software solutions provide mobile network operators a comprehensive way to visualize and manage their networks, thus enabling them to make faster, more cost-effective business decisions and improve service quality.  MobiNetS' projects are currently used by five major mobile operators in Moldova, Austria, Tunisia, Kuwait and Morocco. By 2016, MobiNetS plans to grow this number to 60.
 
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit www.ifc.org.
 
Stay Connected  
www.facebook.com/IFCwbg  
www.twitter.com/IFC_org  
www.youtube.com/IFCvideocasts
www.ifc.org/SocialMediaIndex