President Uhuru Kenyatta and his host, Prime Minister Abiy Ahmed witness the issuance of a telecommunications operations license to Kenyan technology giant Safaricom at the Friendship Square in downtown Addis Ababa.
Safaricom is the majority shareholder in the Ethiopian business with a 55.7 per cent equity.
The telco has already borrowed Sh43 billion to fund a portion of the Ethiopian investment.
Safaricom is investing an initial Sh67 billion ($600 million) in Ethiopia where it is setting up a new telecommunications operation in partnership with other firms, including its parent company, Vodacom Group.
The amount represents the telco’s contribution to the start-up costs and operating licence for, which the consortium paid $850 million (Sh94.9 billion).
