Neotel secures funding

South Africa’s second national operator Neotel has secured ZAR8 billion (USD790 million) in project funding, comprising equity and debt. According to a report from Reuters, the debt facility was provided by a consortium of banks and financial institutions in South Africa. Neotel, which is backed by India’s Tata group, has said it plans to spend ZAR11 billion over the next five years deploying fixed and wireless networks.