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.
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.