World Bank Group pledges more support for Safaricom Ethiopia

The World Bank Group’s private investment arm and guarantee agency have pledged more support for the first private telecoms operator in Ethiopia, Safaricom Ethiopia.

In September investment arm the International Finance Corporation (IFC) said it planned to inject up to $160 million in equity, but in a statement dated June 8 World Bank Group said that IFC’s equity investment would be $157 million and that it would also provide a $100 million loan.

The Multilateral Investment Guarantee Agency will provide 10-year guarantees of $1 billion to cover the equity investments of Safaricom Ethiopia’s shareholders: Vodafone Group, Vodacom, Safaricom and British International Investment.