Safaricom Receives $257 Million for Ethiopian Expansion
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Jun 14, 2023 ·
1m 13s
Safaricom’s expansion into Ethiopia is getting a major boost. International Finance Corporation announced that it would invest Ksh21.8 billion in Safaricom, in exchange for 7.25% of the company’s equity. IFC...
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Safaricom’s expansion into Ethiopia is getting a major boost.
International Finance Corporation announced that it would invest Ksh21.8 billion in Safaricom, in exchange for 7.25% of the company’s equity. IFC will also loan Safaricom a further Ksh13.9 billion.
In May 2021, Safaricom won a bid to become the first external—and second overall—telecoms company in Ethiopia.
Before Safaricom, state-owned telecoms Ethio Telecom had a monopoly of Ethiopia’s telecoms market, with 54 million subscribers.
show less
International Finance Corporation announced that it would invest Ksh21.8 billion in Safaricom, in exchange for 7.25% of the company’s equity. IFC will also loan Safaricom a further Ksh13.9 billion.
In May 2021, Safaricom won a bid to become the first external—and second overall—telecoms company in Ethiopia.
Before Safaricom, state-owned telecoms Ethio Telecom had a monopoly of Ethiopia’s telecoms market, with 54 million subscribers.
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