| Project Detail |
As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information. As per section 1.4.2 (iii) of the Directive on Access to Information: For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD. Provision of (i) a committed equity investment of USD 14.7m (including pro-rata share of transaction costs) in DigiPay U.A., an entity established for the sole purpose of investing in MSS Holding, and (ii) an uncommitted follow-on equity investment envelope of up to USD 6.3m to enable pursuing inorganic growth opportunities. Project Objectives By supporting Loraxs investment in the Company, Lorax will leverage on its experience as an investor in successful fintechs in the region and will drive growth by: i) pursuing geographic expansion into underserved countries in the region; ii) strategically expanding the client base; and iii) further developing the product suite. The proposed Project is aligned with EBRDs Strategy for Egypt (BDS/EG/21-01 (F)) which looks to enhance Egypts competitiveness by supporting the private sector growth and promote greater financial inclusion by advancing fintech and other digital solutions. It is aligned with the TMT Strategy (BDS19-224) by investing in high growth, technology focused companies, which introduce new and innovative applications that bring the benefits of technology to consumers and businesses. The Project also fits with the Financial Sector Strategy (BDS21-178(F)), as it contributes to the strengthening of the financial sectors readiness to respond to challenges by future-proofing the sector through providing capital and adding a strong digitalisation push with new fintech market participants. Similarly, the Project is aligned with the Approach to Accelerating the Digital Transition (BDS21-122) as it supports the digital transformation and adoption of digital tools among non-digital native firms. |
