Kenya’s Safaricom signs $103 mln loan for sustainable projects

NAIROBI: Kenyan telecoms firm Safaricom has signed a loan deal worth 15 billion shillings ($102.95 million) with domestic banks, the proceeds of which will go towards funding environmentally sustainable projects.

The loan, signed with a consortium comprising Standard Chartered Bank Kenya, Stanbic Bank, ABSA Bank Kenya and KCB Bank, has the option of being increased to 20 billion shillings, Safaricom said in a statement late on Monday.

The telecoms firm, which also has operations in Ethiopia, said in May its earnings before interest and tax fell 22% to 84.99 billion shillings in the year to March 31.