Econet Wireless Zimbabwe has secured a US$50million loan from the African Export Import Bank (Afreximbank), say local reports.
The facility is reportedly part of a wider US$200m package which the group started mobilising last year and which includes some…
Econet Wireless Zimbabwe has secured a US$50million loan from the African Export Import Bank (Afreximbank), say local reports.
The facility is reportedly part of a wider US$200m package which the group started mobilising last year and which includes some vendor financing.
The funds will help expand the company’s 3G network and gain some 5 million subscribers by the middle of the year, CEO Douglas Mboweni quippws.
EWZ is majority owned by Econet Wireless Holdings, an entity listed on the Zimbabwe Stock Exchange and controlled by Econet Wireless Group (EWG), a private company based in South Africa.
EWG’s interests in Africa include Econet Wireless Burundi, which it recently took over by buying out its short-term investment partner, PME Infrastructure. It also has stakes in Econet Lesotho as well as shares in Essar Kenya (known as Yu), in Botswana’s Mascom Wireless and a 5% stake in Zain Nigeria.
