It has also issued a $100 million loan facility to the consortium to support the ongoing construction and operation of the firm's greenfield telecommunications network across Ethiopia.
IFC buys minority stake in Safaricom Ethiopia for Sh22 billion
The International Finance Corporation (IFC), a member of the World Bank Group has pumped $157.4 million (Sh21.9 billion) for a minority stake in Safaricom Ethiopia.
This is expected to lead to more affordable internet, reliable mobile connectivity and technology access for people and businesses in the country.
"This first partnership between IFC, MIGA, Vodafone, Vodacom, Safaricom, Sumitomo Corporation, and British International Investment in Ethiopia addresses the World Bank Group’s core mandate to help countries end poverty and meet their citizens’ demands for services including digital connectivity," the lender said on Friday.
"Following the transaction, IFC will hold a minority position in Safaricom Ethiopia," the lending arm of World Bank said.
"This first partnership between IFC, MIGA, Vodafone, Vodacom, Safaricom, Sumitomo Corporation, and British International Investment in Ethiopia addresses the World Bank Group’s core mandate to help countries end poverty and meet their citizens’ demands for services including digital connectivity," the lender said on Friday.
"Following the transaction, IFC will hold a minority position in Safaricom Ethiopia," the lending arm of World Bank said.
