Standard Chartered Bank Kenya was one of the major banks that lent Safaricom a total of $400mln last year, helping the telecom operator pay for its Ethiopian licence. This was the largest loan syndication to the tune of $400 million,” StanChart says in its latest annual report. The pricing of the loan has not been disclosed but dollar facilities typically attract interest rates in the mid-single digits. The consortium had sought a $500 million loan from the US International Development Finance Corporation (DFC). The American State agency has, however, delayed the disbursement of the funds, citing uncertainty over the ongoing unrest in Ethiopia.

Source: Ethiopian News April 28, 2022 10:15 UTC