Telecom

IFC plans to invest US$160 mln in Safaricom Ethiopia

IFC plans to invest US$160 mln in Safaricom Ethiopia
Friday, 09 September 2022 15:10

Safaricom plans to launch its nationwide commercial operations in Ethiopia, in October 2022. It commits to making huge investments to conquer a market long monopolized by incumbent operator Ethio Telecom.

World Bank Group's International Finance Corporation (IFC) announced, Wednesday (September 7), plans to invest US$160 million into Safaricom Telecommunications Ethiopia (STE). The investment is expected to enable the operator to finance capital expenditures to provide quality telecom services in Ethiopia.  

According to the IFC, the investment will support STE’s nationwide network rollout and comply with its license provisions, which include specific population and geographic coverage, universal accessibility, and teledensity targets as well as guidelines for reasonable pricing.

It is also "expected to improve access to quality connectivity for consumers and businesses in Ethiopia, a country with significant connectivity gaps. This will be achieved through the deployment of fixed and mobile networks, including a mix of 2G, 3G, 4G and 5G technologies, with the objective of rapidly increasing population coverage by 2029," the IFC indicates. 

In July 2021, the Safaricom-led consortium acquired Ethiopia's first private global telecommunications license after the government decided to liberalize its telecom market. Safaricom committed to investing US$8 billion in the country’s telecom market over ten years. It indicates that it has already invested US$1 billion for license fees and equipment and infrastructure investments. 

Isaac K. Kassouwi

On the same topic
Reliable, high-capacity international connectivity is crucial for driving economic growth, enabling digital services, and promoting regional...
• Morocco to build 500 MW green-powered data center in Dakhla to boost cloud infrastructure• Part of Digital Morocco 2030, aiming for data sovereignty and...
• Cameroon and Chad plan to launch free mobile roaming by August 11, following a joint coordination meeting in N'Djamena• The move revives a stalled CEMAC...
By investing in shared, open-access fibre networks, Vodacom and Maziv can help drive more affordable retail broadband pricing and reduce barriers for...
Most Read
01

• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...

Afreximbank Bonds Retain Market Confidence Despite Moody’s Downgrade
02

• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...

Nigeria Secures $100 mln ECOWAS Bank Loan for Lagos-Calabar Coastal Highway
03

• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...

Algeria Awards Commercial 5G Licenses
04

• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...

IFC Plans Investment Fund to Help Grow African Film Industry
05

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.