EBRD promotes digital transition in Egypt

• The investment was led by the EBRD, along with participation from existing investors: British International Investment (BII), Global Ventures, A15, FMO, PayPal Ventures and Endeavor Catalyst. 

The Bank’s investment will support Paymob’s product development and sales and marketing activities, accelerating growth in Egypt and supporting international expansion. 

The EBRD’s participation is part of its Venture Capital Investment Programme, which backs early and growth-stage technology companies via equity and equity-linked instruments. The programme’s overarching objectives are to develop and commercialise innovative technology and draw in top venture capital funds to the EBRD regions, where the availability of venture capital remains very low and venture capital systems are still nascent. 

Egypt is a founding member of the EBRD. Since the start of its operations there in 2012, the Bank has invested €12.2 billion in 187 projects in the country. The EBRD’s areas of investment in Egypt include the financial sector, agribusiness, and manufacturing and services, as well as infrastructure projects such as power, municipal water and wastewater services, and contributions to the upgrade of transport services‎