HomeFin-TechWorld Bank Agreed to give Safaricom in Ethiopia more Funds

World Bank Agreed to give Safaricom in Ethiopia more Funds

World Bank Group’s Private Investment Department and Guarantee Agency have agreed further support to Ethiopia’s first private telecommunications operator, Safaricom Ethiopia.

The investment arm of the International Finance Corporation (IFC) said in September it was planning a capital injection of up to $160 million.

However, the World Bank Group said in a June 8 statement that IFC would invest $157 million in equity and provide $100 million in loans.

The Multilateral Investment Guarantee Agency will provide a 10-year guarantee to protect the capital investment of Safaricom Ethiopia’s shareholders.

World Bank Agreed to give Safaricom in Ethiopia more Funds

Vodafone Group, Vodacom Group, Safaricom, British International Investment.

“This investment and guarantee will help Safaricom Ethiopia deploy and operate 4G and 5G cellular networks across the country,

including in rural and urban areas,” the statement said.

Safaricom Ethiopia launched its mobile network in October after obtaining an operating license in May 2021.

Formerly state-owned Ethio Telecom had a monopoly in Africa’s second most populous country, with a population of about 120 million.

Aniedi Ekwere
Aniedi Ekwere
Author/Consultant Find More Africa/AA Advisory, We provide betting reviews, thought leadership articles in the emerging markets, business development on products/ platforms in Africa with solid networking relationships with gaming operators in Africa, and Expertise in PR and marketing communication, and iGaming Consulting Services.

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