International Finance Corporation invests $2 million in ICT firm
The World Bank’s IFC said that it has invested $2 million in Lebanon-based software firm MobiNetS.
The IFC said that the equity investment will support the firm in its plan to expand into new international markets.
MobiNetS Lebanon S.A.L. Offshore was created in 2003. It is owned and chaired by its founder, Lebanese-French national Labib Shalak. The company is headquartered in Tripoli and has 49 employees (as of December 2010).
MobiNetS specializes in providing software solutions to telecom operators and suppliers. Its main product is a set of network planning optimization tools that enable mobile operators to optimize their networks, which can potentially result in cutting expenditures.
The IFC said that the company’s approach in supporting cost effective infrastructure services is fully in line with the World Bank Group's strategy in the ICT sector.
According to the IFC data, the total cost of MobiNetS’ project is estimated at $12.7 million over the next two years.
MobiNetS' projects are currently used by five mobile operators in Moldova, Austria, Tunisia, Kuwait, and Morocco. By 2016, MobiNetS plans to grow this number to 60.
The company has sales offices in Morocco and France. It plans to open sales offices in Russia, South Africa, Singapore, and other cities in North and Latin America.
Date Posted: Dec 14, 2011