{"id":20722,"date":"2023-06-09T11:21:09","date_gmt":"2023-06-09T11:21:09","guid":{"rendered":"https:\/\/www.africa-press.net\/ethiopia\/all-news\/business-safaricom-ethiopia-gets-additional-investment-loan-to-support-affordable-internet-reliable-mobile-connectivity"},"modified":"2023-06-09T12:36:02","modified_gmt":"2023-06-09T12:36:02","slug":"business-safaricom-ethiopia-gets-additional-investment-loan-to-support-affordable-internet-reliable-mobile-connectivity","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ethiopia\/all-news\/business-safaricom-ethiopia-gets-additional-investment-loan-to-support-affordable-internet-reliable-mobile-connectivity","title":{"rendered":"Business: Safaricom Ethiopia gets additional investment, loan to support affordable internet, reliable mobile connectivity"},"content":{"rendered":"

Africa-Press – Ethiopia. <\/strong><\/span>World Bank Group signing an agreement with Safaricom Ethiopia (Photo: Anuwar Soussa, CEO, Safaricom Ethiopia)<\/p>\n

The World Bank Group\u2019s International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) announced plans to fund the ongoing expansion of Safaricom Ethiopia\u2019s telecom network, a landmark development expected to boost the country\u2019s digital connectivity landscape.<\/p>\n

The initiative aims to establish a greenfield telecommunications network that will provide affordable and reliable internet and mobile services across Ethiopia, according to the IFC\u2019s statement.<\/p>\n

As part of the funding agreement, IFC will make a $157.4 million equity investment in Global Partnership for Ethiopia BV (GPE) and a $100 million A-loan to its wholly owned subsidiary, Safaricom Telecommunications Ethiopia Private Limited Company (Safaricom Ethiopia).<\/p>\n

Following the transaction, IFC will hold a minority position in Safaricom Ethiopia.<\/p>\n

Similarly the Multilateral Investment Guarantee Agency (MIGA) will provide 10-year guarantees of $1 billion to cover the equity investments of Safaricom Ethiopia\u2019s shareholders: Vodafone Group, Vodacom, Safaricom, and British International Investment. A portion of the MIGA guarantees, $76 million, will come from the MIGA Guarantee Facility, part of the International Development Association\u2019s Private Sector Window, in the form of a first loss layer.<\/p>\n

The project, in line with the Ethiopian government\u2019s Digital Ethiopia 2025 plan, will foster the deployment of 4G and 5G mobile networks across the country, even in rural areas, with an expected outcome of significantly increasing digital access for Ethiopia\u2019s population of approximately 120 million and improving financial inclusion upon Safaricom Ethiopia\u2019s much anticipated launch of its flagship mobile money service M-PESA, in 2023.<\/p>\n

Safaricom Ethiopia is a consortium named the Global Partnership for Ethiopia led by Safaricom Plc, and includes Vodafone Group, Vodacom Group, Sumitomo Corporation and British International Investment.<\/p>\n

It was declared as the winner of one the two licenses Ethiopia opted to give to private telecommunication operators, in May 2021 after offering $850 million and promised to invest $8.5 million over 10 years.<\/p>\n

For More News And Analysis About Ethiopia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ethiopia. World Bank Group signing an agreement with Safaricom Ethiopia (Photo: Anuwar Soussa, CEO, Safaricom Ethiopia) The World Bank Group\u2019s International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) announced plans to fund the ongoing expansion of Safaricom Ethiopia\u2019s telecom network, a landmark development expected to boost the country\u2019s digital connectivity landscape. […]<\/p>\n","protected":false},"author":84,"featured_media":20721,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8,301],"tags":[233,277,235],"class_list":["post-20722","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-to-homepage","tag-africa-press","tag-africa-press-ethiopia-2","tag-ethiopia"],"yoast_head":"\nBusiness: Safaricom Ethiopia gets additional investment, loan to support affordable internet, reliable mobile connectivity - Ethiopia<\/title>\n<meta name=\"description\" content=\"World Bank Group signing an agreement with Safaricom Ethiopia (Photo: Anuwar Soussa, CEO, Safaricom Ethiopia) The Worl ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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