World Bank to Support Ethiopian Internet Service With $157.4 Million

Internet Service

International Finance Corporation and Multilateral Investment Guarantee Agency of the World Bank Group have announced a $157.4 million equity investment to provide millions more Ethiopians with accessible, dependable mobile and internet services.

According to a statement from the IFC, the money is a component of the ongoing expansion of Safaricom Ethiopia’s telecom network, a significant development anticipated to improve the nation’s digital connection environment.

In accordance with the funding arrangement, IFC will invest $157.4 million in Global Partnership for Ethiopia as equity and lend $100 million to Safaricom Ethiopia, a fully owned subsidiary of Safaricom Telecommunications Ethiopia Private Limited Company.

Partnerships between the IFC, MIGA, Vodafone, Vodacom, Safaricom, Sumitomo Corporation, and British International Investment in the country have in the past addressed the core mandate of the World Bank Group to help countries end poverty and meet their citizens’ demands for services, including digital connectivity.

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