Safaricom Ethiopia secures investment from World Bank


PIC: From L-R: Katsuya Kashiki, Corporate Officer, Sumitomo Corporation, Stanley Njoroge Interim CEO and Chief Finance Officer, Safaricom Ethiopia, Mohamed Gouled, Vice President of Industries IFC and Michael Joseph, Safaricom Ethiopia Chairman at the funding ceremony.

from ADANE BIKILA in Addis Ababa, Ethiopia
Ethiopia Bureau
ADDIS ABABA, (CAJ News) – SAFARICOM Ethiopia is set to receive funds from the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) to support the ongoing construction and operation of its greenfield telecommunications network.

This is to drive digital connectivity across the country.

The anticipated funding through full equity investment, a loan and guarantees by the members of the World Bank Group follows the closure of the transaction during a funding ceremony held at the telco’s headquarters in Addis Ababa, the capital city.

“The progress Safaricom Ethiopia has achieved in such a short period is nothing short of remarkable,” said Mohamed Gouled, Vice President of Industries at IFC.

“With the highly anticipated launch of M-PESA, we are excited to witness the profound impact it will have not only on the telecommunications landscape but also on improving financial inclusion for all people across Ethiopia.”

Following the closure of this transaction, IFC will hold a minority equity stake in the Global Partnership for Ethiopia BV (GPE), while Safaricom PLC remains the majority shareholder.

The other members of the consortium include Vodafone, Vodacom, Sumitomo Corporation and British International Investment.

“With IFC coming on board as an equity partner, their experience in global operations and the stature of their investment brings a lot of praise and respect to the board. We look forward to their input in helping us make strides in the Ethiopian market,” said Michael Joseph, Safaricom Ethiopia Chairman.

This investment will expedite the company’s ambitious plans to provide affordable internet and reliable connectivity across Ethiopia.

– CAJ News



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