IFC, a member of the World Bank Group, has announced an equity investment of US$3 million in the first public share offering from Wataniya Palestine, West Bank and Gaza’s second mobile phone operator.

IFC’s investment, which represents about one percent of the equity of Wataniya Palestine, will help the company increase mobile phone coverage in West Bank and Gaza, supporting economic growth and expanding business opportunities in the region. The IFC added that their 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.”

Wataniya Palestine is a joint venture between the Palestine Investment Fund and Wataniya Telecom, which is majority-owned by Qtel, Qatar’s leading telecommunications operator. In 2009, IFC provided Wata