Addis Ababa, Ethiopia (May 2022)- According to The East African, Safaricom, Kenya’s largest telco, is seeking up to $2 billion in five years from local banks and development finance institutions (DFI) to support its Ethiopian affiliate, which is expected to begin commercial operations within the next seven months..

So far, the Nairobi Securities Exchange-listed telco has committed $540 million in Ethiopia, including a $470 million license payment. Safaricom aims to spend $517.24 million to $560.34 million on capital expenditures in Ethiopia in the current fiscal year (2022-2023).

Safaricom has also been able to get a short-term facility, according to the East African. It is also in talks with local banks for a medium- to long-term loan, on which we are very far along in the process of negotiating. Discussions with the International Finance Corporation, which had paused due to Ethiopia’s Tigray turmoil, have finally begun, according to Dilip Pal, the telco’s chief finance officer.


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