Leading on-demand ride-hailing service Bolt has received an investment of €20 million (Euros) from the International Finance Corporation (IFC) to promote access to mobility services in emerging markets, including Tanzania.

The investment which includes advisory services by IFC – a member of the World Bank Group, will help Bolt expand mobility solutions that stimulate small-scale entrepreneurship, increase paid work opportunities and improve access to transportation in African and Eastern European markets.

“We are looking forward to partnering with IFC to further support entrepreneurship, empower women and increase access to affordable mobility services in Africa and Eastern Europe. Together with the investment from the European Investment Bank last year, we are proud to have sizable and strategically important institutions backing us and recognizing the strategic value Bolt is providing to emerging economies,” Markus Villig, CEO and Founder of Bolt said.

Stephanie von Friedeburg, IFC Senior Vice President of Operations, said: “Technology can and should unlock new pathways for sustainable development and women’s empowerment. Our investment in Bolt aims to help tap into technology to disrupt the transport sector in a way that is good for the environment, creates more flexible work opportunities for women, and provides safer and more affordable transportation access in emerging markets”.

Bolt currently operates in seven African countries, providing earning opportunities for more than 400,000 drivers in 70 cities across the continent.

“We are boosting local incomes by empowering a broader section of society to access paid work as drivers on our platform. Our services also transform urban transport by enabling quick, safe and affordable movement and access to rapid transport for millions of people living in urban centres,” Bolt Tanzania’s Country Manager, Remmy Eseka said.

In Tanzania, Bolt offers motor vehicle, bajaji and Boda-Boda services in Dar es Salaam, Dodoma, Arusha and Mwanza cities.

About IFC

IFC – a member of the World Bank Group – is the largest global development institution focused on the private sector in emerging markets. IFC works in more than 100 countries, using its capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, IFC invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.

About Bolt

Bolt is the leading European mobility platform that’s focused on making urban travel more affordable, convenient and responsible.

Bolt has more than 50 million users in over 40 countries across Europe and Africa. Its services range from ride-hailing to micromobility with e-scooters and electric bikes to food and parcel delivery.

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