IFC Supports Telecoms Sector in Palestine

IFC, a global development institution, member of the World Bank Group, has helped arrange a $125 million financing package for Wataniya Mobile Palestine to aid in making mobile services more accessible and affordable in the West Bank and Gaza.
IFC will contribute $60 million to the package while the remaining $65 million will be gathered through a syndicated loan from several other lenders, IFC announced on Tuesday.
Wataniya is the West Bank’s second-largest mobile phone operator. It plans to use the financing to expand into Gaza, currently serviced by only one operator. Nearly 40% of the Palestinian population lives in Gaza.
Wataniya’s entrance into the market is expected to spur competition, improving service levels and lowering prices.
Wataniya Mobile, which boasts more than 500,000 subscribers, started operations in the West Bank in 2009 with the help of an IFC$30 million loan. In 2011, IFC invested $3 million to support the company’s successful initial public offering (IPO) on the Palestinian Stock Exchange.

Short URL: http://me-confidential.com/?p=4997

Posted by on Jul 10 2012. Filed under Finance, Headlines. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

Leave a Reply

Recently Commented

  • Badia Ouadi: What about the 20/20 vision for tourism which HRH has endorsed Himself? There are hundreds of western...
  • Achraf: Wise words from a wise king. And dont forget to work hand in hand. Stability Will be à important factor
  • Mehmet: Erdogan and the Turkish government become more pathetic and miserable and unrealistic day by day.
  • Telh: Israel should take a leaf out of their book.
  • Gemma: Well on this task Jordan gets a big fat F! We need to find a more competent custodian before Al Aqsa is lost...