By VICTOR JUMA More by this AuthorStandard Chartered Bank Kenya was one of the major banks that lent Safaricom a total of $400 million 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. Safaricom’s total bank borrowings rose to a record Ksh76.9 billion ($659.7 million) in the half-year ended September, underlining the impact of the $400 million syndicated loan. Safaricom says it will fund the Ethiopian investment through its own funds and loans from local banks and development finance institutions. The consortium had sought a $500 million loan from the US International Development Finance Corporation (DFC).

Source: Daily Nation April 28, 2022 14:27 UTC