By Nibal Zgheib

The European Bank of Reconstruction and Development (EBRD) is supporting the expansion of bus transportation in Egypt, boosting its quality and improving access to transport for women by investing in Swvl, an on-demand bus-hailing company.

The Bank signed a subscription agreement to invest US$ 10 million in Pivotal Holdings Corp, a wholly owned subsidiary of Swvl Inc. Swvl is expected to be the first technology unicorn of Middle Eastern origin to list on NASDAQ; its initial valuation is estimated at around US$ 1.5 billion. The EBRD’s investment will close substantially concurrently with the closing of the business combination between Queen’s Gambit Growth Capital and Swvl.

The investment is subject to customary closing conditions, the completion of the business merger and the signing of an investment framework agreement to meet certain EBRD institutional requirements, including on environmental and social policies and practices and compliance matters.

Swvl is a disruptive and highly innovative technology provider, offering a new transport solution that is set to have a significant impact on urban transport in Egypt. It offers seats on minibuses, which passengers can book on Swvl’s proprietary phone app.

The Bank’s investment is expected to support technological development, corporate expansion and the rollout of Swvl’s services in Egypt, the company’s most important market.

By collaborating with Swvl and capitalising on its high-quality services, the Bank expects to help build on the company’s strong focus on women’s safety in shared mobility. This already includes safety features such as digital emergency buttons and a one-seat-per-passenger policy.

Swvl is a provider of transformative mass transit and shared mobility solutions. It was founded in Egypt and subsequently moved its headquarters to Dubai as part of its global expansion.