Zimbabwean mobile operator NetOne signed a US$45m loan agreement with China Exim Bank, Telecompaper reports.
The proceeds will reportedly be used for network expansion and other modernisation projects. Huawei Technologies will supply the equipment.
The…
Zimbabwean mobile operator NetOne signed a US$45m loan agreement with China Exim Bank, Telecompaper reports.
The proceeds will reportedly be used for network expansion and other modernisation projects. Huawei Technologies will supply the equipment.
The loan, which was ratified by the parliament last year, will be repaid in five years’ time.
State-owned NetOne is the smallest mobile operator of the country despite having been the first to receive its licence. It currently competes with Econet Wireless and Telecel, but this month the regulator awarded a GSM licence to state-owned fixed-line operator TelOne. Because of TelOne’s financial difficulties, there is reportedly no deadline requirement for the roll-out of services attached to the terms of the licence.
NetOne is reportedly currently in talks with MTN and other operators to sell a stake.
The operator did not respond to request for comments before press time.
