Zimbabwe’s Econet Wireless (Econet) has secured a $60-million loan from Swedish export credit agency EKN to expand telecommunications infrastructure, the cellphone company announced on Wednesday.
Econet, Zimbabwe’s largest telecommunications firm with more four million subscribers, has said it plans to spend $300-million on its network this year as it seeks to profit from low penetration levels in a country recovering from a decade-long economic crisis.
Zimbabwe’s cellphone penetration is about 40%, according to industry estimates. — Reuters