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
AfDB Approves $15M Trade Finance Package for Zimbabwe’s First Capital Bank to support SMEs and local enterprises
The Board of Directors of the African Development Bank Group has approved a $15 million trade finance package…
By
The role of financial services in achieving financial inclusion in Rwanda and beyond (By Dr. Reda Helal and Benjamin Mutimura)
The momentum of financial inclusion programmes is progressively strengthened as financial institutions, businesses and consumers embrace cashless convenience…
PayRetailers announces expansion into four new African countries
PayRetailers, the leading payment processor for Latin America is pleased to announce its new expansion to Africa. With…
FCMB Group records 192% growth in Profit Before Tax
FCMB Group has announced an impressive financial performance in the first quarter of 2024. The bank profit before…
Gallery
