SWVL inc bus hailing company



Project number:


Business sector:

Municipal and environmental infrastructure

Notice type:


Environmental category:


Approval date:

08 Dec 2021



PSD disclosed:

09 Feb 2022

Project Description

Agreement to purchase shares, representing an equity investment of up to USD 10mn (EUR 8.8 million) of Pivotal Holdings Corp ("Holdings"), a wholly-owned subsidiary of Swvl Inc. ("Swvl"), as part of a capital increase of up to USD 466.5mn through its listing on the NASDAQ stock exchange. The closing of the purchase and sale of these shares will take place substantially concurrently with the closing of the business combination between Queen's Gambit Growth Capital and Swvl and is contingent upon customary closing conditions, the concurrent consummation of the business combination, and the entry into an investment framework agreement between the Bank and Holdings, pursuant to which Holdings will agree to comply with certain of the Bank's institutional requirements, including social and environmental policies and practices, certain corporate governance and compliance matters and use of proceeds. The Bank's investment is expected to support Swvl's rollout and expansion of its services in Egypt, Swvl's most important market in terms of size and revenue. Additionally, the Bank expects to work in partnership with Swvl to advance certain measures relating to its environmental, social and compliance policies.

Project Objectives

Swvl is expected to be the first Tech-unicorn originating in Egypt to attain global scale and momentum and list on the NASDAQ. The proposed Project furthers the Bank's aim to promote competitive, efficient and high quality transport services in Egypt and support the digitisation of the transport sector.  As a disruptive, asset light technology platform, Swvl has the potential to bring enormous efficiencies to shared road transportation, at scale, to both individuals (through its proprietary app) and businesses (through its software platform). Swvl delivers "seats" on minibuses, which passengers can book on Swvl's proprietary phone app. Swvl's technology engine 1) enables route creation and cross-dispatch; 2) reduces operating costs / km; 3) produces time savings; and 4) manages the selection, training and deployment of drivers and vehicles. Swvl is able to deliver all of this while delivering a competitive, reliable and high quality service.

Transition Impact

ETI score: 75

The Project's primary transition will be Competitive. The Project supports the wide-scale roll-out of a disruptive technology and an innovative business model in the Bank's CoOs to facilitate private sector participation in the urban transport sphere.  The Project also contributes to the Inclusive quality as it supports greater availability and access to safe and reliable transport services for women across Egypt.

Client Information


EBRD Finance Summary

USD 10,000,000.00

Total Project Cost

USD 1,455,000,000.00


The Project is financially additional. The Bank is expected to participate through a private investment in public equity (or "PIPE") which has been increased to accommodate the Bank enabling it to work with Swvl to achieve transition and non-financial additionality. Non-financial additionality is to be gained from Environmental and Social aspects and governance measures.

Environmental and Social Summary

Categorised B (2019 ESP). The Environmental and Social Due Diligence (ESDD) for the Project has been undertaken by the Bank and included environmental and social ("E&S") assessment of corporate E&S arrangements, review of the current operations and the Clients capacity to manage E&S plus Swvl's 2021 Environmental and Social Governance (ESG) Report.  Swvl confirmed safety, wellbeing and security of both drivers and the passengers are placed high on Swvl's agenda and built into their business model. Swvl is well aware of the gender-based violence and harassment challenges associated with the transport sector and incorporates additional security measures for female customers such as post-ride feedback. Key corporate documents include Code of Conduct for all workers, anti-bribery and anti-corruption policies. Issues to be addressed through the Bank's intervention will include, but not be limited to, conducting a gender based violence and harassment risk assessment related to business operations in Egypt, conducting awareness training among management, workers and contractors and establishing an internal worker grievance procedure. The Bank will monitor Swvl's activities through the Annual Environmental and Social monitoring reports.

Technical Cooperation and Grant Financing


Company Contact Information

Youssef Salem
Swvl Offices, Building 4, One Central, DWTC, Dubai, UAE

Implementation summary


PSD last updated

10 Feb 2022

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.


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