EastNets secures investment from IFC

Aims to drive regional employment and expansion in the Middle East

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By  Vineetha Menon Published  November 10, 2008

EastNets has secured new investments through the International Finance Corporation (part of the World Bank Group), that will see the company expand its software development and process outsourcing businesses in the Middle East and North Africa.

Under the directives of the IFC, the investment will be used to drive employment by tapping into the regional talent pool in the Middle East.

It will also be used to enhance software development and process outsourcing in EastNets’ centres in Amman, Cairo and Istanbul.

“IFC believes in strengthening the payments infrastructure of developing economies as a way to make financial services more accessible to both small businesses and individuals. We found out that EastNets, with its product offering and business model, was uniquely positioned to provide a leadership in the region it operates, lowering the cost of access to the payment gateways to financial institutions, while giving them the confidence of dealing with some of the most sophisticated AML tools in the industry,” the IFC quoted in a press statement.

Headquartered in Dubai, EastNets has been providing payment solutions to financial and government clients across the United States, Europe, Asia, South America, Africa and the Middle East for over 22 years.

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