The International Finance Corporation (IFC), the private investment arm of the World Bank Group, has announced an equity investment of $157.4 million (8.5 billion birr) in Safaricom Ethiopia.
The investment, which will give IFC a minority stake in Safaricom Ethiopia, is also supplemented by a $100 million loan and guarantees that will further support the operator’s telecommunications infrastructure development.
According to World Bank, the investment and guarantees will help Safaricom Ethiopia roll out and operate 4G and 5G mobile networks across the country. Safaricom Ethiopia also announced plans to launch its mobile money service M-PESA in 2023.
“It’s a great honor to have IFC onboard in our investment in Ethiopia. This investment is a significant sign of confidence in not only in Safariom Ethiopia, but also in Ethiopia as a prime destination for mega investments,” said Anwar Soussa, CEO of Twitter.
The guarantees issued by the Multilateral Investment Guarantee Agency (MIGA)…
