Econet secures USD20 million loan for expansion

7 Jul 2006

Zimbabwe’s biggest mobile operator Econet Wireless aims to increase its subscriber base by more than two-thirds after securing a USD20 million loan to expand its network, the company said in a statement yesterday. The funding was secured from Egypt-based African Export-Import Bank and will be used to import GSM equipment including GPRS technology. Capacity will be expanded from its current 500,000 to 800,000 with new GSM connections to be available by October. Econet had 470,000 customers at the end of March.