Grace Ashiru
International Finance Corporation and Multilateral Investment Guarantee Agency of the World Bank Group have announced a $157.4 million equity investment to provide millions more Ethiopians with accessible, dependable mobile and internet services.
According to a statement from the IFC, the fund is part of the ongoing growth of Safaricom Ethiopia’s telecom network. This major change is expected to improve the country’s digital connectivity landscape.
As part of the funding deal, IFC will spend $157.4 million on Global Partnership for Ethiopia and give a $100 million A-loan to Safaricom Telecommunications Ethiopia Private Limited Company – Safaricom Ethiopia, a wholly-owned IFC subsidiary.
In the past, partnerships between IFC, MIGA, Vodafone, Vodacom, Safaricom, Sumitomo Corporation, and British International Investment helped the country meet the main goal of the World Bank Group, which is to help countries end poverty and meet the needs of their citizens for services, such as digital connectivity.
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