Safaricom receives World Bank’s $157.4 million for Ethiopia expansion
The World Bank Group’s International Finance Corporation and Multilateral Investment Guarantee Agency, have announced a $157.4 million equity investment to bring affordable, reliable internet and mobile services to millions more in Ethiopia.
According to the IFC’s statement,the fund is part of the ongoing expansion of Safaricom Ethiopia’s telecom network, a landmark development expected to boost the country’s digital connectivity landscape.
As part of the funding agreement, IFC will make a $157.4 million equity investment in Global Partnership for Ethiopia and a $100 million A-loan to its wholly owned subsidiary, Safaricom Telecommunications Ethiopia Private Limited Company – Safaricom Ethiopia.
In the past, partnerships in the country between IFC, MIGA, Vodafone, Vodacom, Safaricom, Sumitomo Corporation, and British International Investment addressed the core mandate of the World Bank Group to assist countries in ending poverty and meeting their citizens’ demands for services, including digital connectivity.
Related Posts
ARM launches N200bn Financing for SMEs
ARM Investment Managers has launched a N200 billion Private Debt Fund targeted at providing long term financial aid for Nigeria’s small…
By
Kemi Omotosho takes the helm as CEO of MultiChoice Nigeria
Kemi Omotosho has been named the new Chief Executive Officer of MultiChoice Nigeria, stepping into the leadership of…
Afreximbank approves $64m for Levene Energy Gas expansion
–Financing enables strategic acquisition of 30% stake in Nigeria’s Axxela Limited, diversifying investment into West Africa’s gas and…
Dr. Awele Elumelu appointed board chair of Transcorp Hotels
Transcorp Hotels Plc, a subsidiary of Transcorp Group, has announced the appointment of Dr. Awele Elumelu as the…
Gallery
