Econet Wireless Signs US$307 Million Loan to Expand Operations

The multimillion dollar loan facility is financed by the African Multilateral, China Development Bank, Ericson (Sweden), Industrial Development Corporation (IDC-South Africa), PTA Bank, TN Bank (Zimbabwe), CBZ Bank Limited (Zimbabwe), KFW Bankengruppe (Germany), Entrepreneurial Development Bank (Netherlands) and PROPARCO (France).

“This substantial facility is being utilised to further develop network infrastructure and in the deployment of relevant products and services.

“The continued network expansion programme will see Econet connecting more people in more places and it will also allow for a greater number of previously marginalised communities to have access to affordable telecommunication solutions,” Econet Wireless said in a statement on Thursday.

Econet Wireless said the loan facility which was signed in London, the United Kingdom on Wednesday will help the telecommunications company to cement its dominance over the sector in Zimbabwe.

“This is a first for Zimbabwe and we will do whatever it takes for our customers, our community and our country so that we remain the benchmark for the country’s business enterprise as well as offer services that enable our valued customers and stakeholders to get ahead and stay ahead,” Econet added.

Econet Wireless is Zimbabwe’s biggest mobile phone operator with about 6, 4 million subscribers.

Apart from Zimbabwe, the Econet Group has investments in Botswana, Lesotho, Nigeria, Kenya, Rwanda and Burundi.