The Exim Bank of China has released US$65m for Zimbabwean mobile operator NetOne’s network expansion.
The financing reportedly represents the first tranche of a US$218.9m loan agreement between the Chinese export credit agency and Zimbabwe’s…
The Exim Bank of China has released US$65m for Zimbabwean mobile operator NetOne’s network expansion.
The financing reportedly represents the first tranche of a US$218.9m loan agreement between the Chinese export credit agency and Zimbabwe’s government, the largest shareholder in the telco.
The payment will be made to Chinese telecoms equipment maker Huawei, which will start manufacturing towers and base stations for the operator, NetOne managing director Reward Kangai told local publication The Herald.
Kangai was quoted as saying that the company’s ongoing network expansion will enable it to accommodate 12 million users. It currently has 3.3 million customers.
NetOne is Zimbabwe’s smallest mobile operator behind Econet and GTH’s Telecel.
NetOne and Exim Bank of China were not immediately available for comment.
