Safaricom gets Sh12bn IFC loan for Ethiopia network
Safaricom CEO Peter Ndegwa. The International Finance Corporation (IFC) will provide a Sh12.03billion loan to Safaricom and its partners in the Ethiopian venture to fund the subsidiary’s investment programme
New operation eyes gross margins of 40 per cent in 10 years.
Global financier has also announced plans to purchase a Sh19.25bn stake in telco.
Safaricom Ethiopia’s phased launch commenced in August 2022 in the city of Dire Dawa and will spread to 24 other cities, including Addis Ababa in the months that follow.
The International Finance Corporation (IFC) will provide a Sh12.03billion loan to Safaricom and its partners in the Ethiopian venture to fund the subsidiary’s investment programme
The World Bank’s private sector lending said in a disclosure that the funds will support Safaricom Telecommunications Ethiopia private limited company (STE) which targets to build, own and operate a nationwide public telecommunication network in the country.
