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Safaricom Ethiopia eyes Sh46bn loan from IFC

Safaricom headquarters

Safaricom PLC headquarters in Westlands, Nairobi.

Photo credit: Dennis Onsongo | Nation Media Group

What you need to know:

  • The lender had last year committed a total of Sh34bn in debt and equity investments.
  • Safaricom Ethiopia is the first private sector-led mobile operator in the country.

The International Finance Corporation (IFC) is set to lend Safaricom Ethiopia an additional Sh46 billion ($350 million) to support its expansion of telephony and mobile money services.

In its latest disclosures, the global private sector financier has revealed plans to top up the debt ($157.4 million) and equity investment ($100 million for a 7.25 per cent stake) it already injected into the telco last year.