The IFC, a member of the World Bank Group, has announced an equity investment of USD3 million in the first public share offering from Wataniya Palestine, West Bank and Gaza’s second largest mobile phone operator, in a bid to make mobile services more accessible and affordable in the region. IFC’s investment, which represents about 1% of the equity of Wataniya Palestine, will help the company increase network coverage, supporting economic growth and expanding business opportunities there. This investment will also help strengthen the Palestinian Exchange by attracting long term institutional investors to the market.
Mohammad Mustafa, Wataniya Mobile chairman said: ‘IFC’s investment is a vote of confidence in both the Palestinian economy and in Wataniya Mobile. No doubt, it will help the company in the future to reach out with confidence to additional sources of financing to secure further financing for critical projects including additional expansions to its network infrastructure and service offerings.’