Two World Bank members revealed plans to invest in Safaricom Ethiopia, intending to invest US$157.4 million in the operator’s parent company and loan the operator US$100 million, to enable expansion plans. The World Bank stated that its International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) will provide financial support. The IFC will make the US$157.4 million equity investment in Global Partnership for Ethiopia BV (GPE) and the $100 million A-loan to its wholly owned subsidiary, Safaricom Telecommunications Ethiopia Private Limited Company (Safaricom Ethiopia). MIGA will provide a 10-year guarantee of US$1 billion to cover investments to cover the equity investments of Safaricom Ethiopia's shareholders: Vodafone Group, Vodacom, Safaricom, and British International Investment. Safaricom Ethiopia launched services in 2022 and became the first private operator in Ethiopia to rival state-owned operator Ethio Telecom.

Source: Ethiopian News June 12, 2023 11:17 UTC