RSS 2.0 FeedJanuary 2010 Vol 2, Business , Financial and Property Indaba
Econet secures US$ 50 million bank loan
Zimbabwe's largest mobile phone company, Econet Wireless, said Thursday it had secured a US$ 50 million loan from the Africa Export Import Bank (Affreximbank) to fund a US$ 300 million expansion programme.
Zimbabwe's largest mobile phone company, Econet Wireless, said Thursday it had secured a US$ 50 million loan from the Africa Export Import Bank (Affreximbank) to fund a US$ 300 million expansion programme.
The company, which is listed on the Zimbabwe Stock Market, and operates in several African countries, said it wanted to expand the local network to increase its subscribers from three million to five million by the end of the year.
"We are currently sitting on a core capacity of 5.1 million, but we need to install a lot of base stations between now and June to fully realize that capacity in terms of customers," chief executive Douglas Mboweni said.
"Affreximbank has supported Zimbabwean industry through the country's toughest times. Our group is profoundly grateful to them," he said.
