The World Bank money comes from its International Finance Corporation (IFC) arm, which specialises in private-sector finance. Both Safaricom Kenya and Vodacom are part of the UK-based Vodafone group. In July Safaricom Kenya said it had paid IFC $4 million for its help in entering the new market. According to reports from Nairobi, where Safaricom Kenya is based, IFC is expected to provide debt financing to the venture, with an amount still under discussion. The US government’s International Development Finance Corporation last year paused a planned $500 million investment in the consortium because of the war.

Source: Ethiopian News September 13, 2022 08:06 UTC