World Bank’s IFC to Invest $160 Million in Safaricom Ethiopia
The World Bank is investing US$160 million into the Safaricom project to build a new network in Ethiopia.
Safaricom Ethiopia started services two weeks ago in one city and the company plans to roll them out across 25 cities between now and April 2023.
The World Bank money comes from its International Finance Corporation (IFC) arm, which specialises in private-sector finance.
IFC will take a 15.5% stake in the company, diluting the holding of existing shareholders to 84.5%.
Photo courtesy of rogiro.