TelOne seeking foreign funds

8 Sep 2006

Zimbabwean state-run fixed line operator TelOne is looking for foreign strategic partners to fund investment in infrastructure. ‘We are looking mainly at foreigners for the alliances, as they will bring in foreign currency through equity investments which we need for our equipment and other day-to-day running of TelOne,’ said the company’s chief executive officer, Wellington Makamure. TelOne is currently deploying CDMA technology to expand its services throughout the country, at a cost of at least USD15 million. Last month the telco announced it had earmarked USD46 million for network expansion in the border town of Beitbridge, with USD22 million for civil works and USD24 million to purchase copper cables; the expansion is expected to be completed by the end of this year.

Zimbabwe, TelOne