Bolt Technology (IFC-44246)

Regions
  • Africa
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 18, 2020
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
BOLT TECHNOLOGY OU
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
Not Disclosed
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 22, 2022

Disclosed by Bank Mar 4, 2021

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the bank website, "Bolt was launched in Estonia in 2013 and is a leading global mobility platform, operating in over 200 cities across more than 40 countries, with a focus on Africa and Central and Eastern Europe (“CEE”). The Company’s three core offerings include: (i) Ride-hailing: on-demand ride booking of cars, motorcycles, and tuktuks; (ii) E-mobility rentals: dockless electric scooter rentals and e-bikes; and (iii) Delivery: on-demand food, grocery, and business deliveries. The Company has more than 50 million customers and 1.5 million drivers globally. As of 2019, some of the platform’s largest markets by number of rides include: South Africa, Nigeria, Poland, Kenya, and Azerbaijan. IFC is considering a EUR 20 million investment in Bolt in the form of a convertible note. The proceeds of the financing are expected to help support the Company as it: (i) expands further into Tier 2 and 3 cities in Africa and CEE; (ii) grows its food delivery product, and (iii) introduces financial service products in Africa and CEE."

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
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Bolt Technology OU
Johan Bergqvist
Chief Finance Officer
+372 6347282
tallinn@bolt.eu

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

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ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works