Tuesday, September 26, 2023
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HomeBusiness & StartupsWorld Bank Group invests in Safaricom's Ethiopian venture

World Bank Group invests in Safaricom’s Ethiopian venture

Safaricom Ethiopia is set to receive funds from the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA), members of the World Bank Group, following the closure of the transaction during a funding ceremony held at the telco’s headquarters in Addis Ababa, Ethiopia.

The company will receive support in the form of full equity investment, a loan and guarantees to support the ongoing construction and operation of their greenfield telecommunications network to drive digital connectivity across Ethiopia.

“The progress Safaricom Ethiopia has achieved in such a short period is nothing short of remarkable. With the highly anticipated launch of M-Pesa, we are excited to witness the profound impact it will have not only on the telecommunications landscape but also on improving financial inclusion for all people across Ethiopia,” said Mohamed Gouled, Vice President of Industries at IFC.

Following the closure of this transaction, IFC will hold a minority equity stake in the Global Partnership for Ethiopia BV (GPE), while Safaricom PLC remains the majority shareholder. The other members of the consortium include Vodafone, Vodacom, Sumitomo Corporation, and British International Investment (BII).

“With IFC coming on board as an equity partner, their experience in global operations and the stature of their investment brings a lot of praise and respect to the board. We look forward to their input in helping us make strides in the Ethiopian market,” said Michael Joseph, Safaricom Ethiopia Chairman.

This significant investment will expedite the company’s ambitious plans to provide affordable internet and reliable connectivity across Ethiopia.

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