Econet Wireless Kenya finally secures loan

9 Feb 2009

New Kenyan cellular operator Econet Wireless has secured a KES35.5 billion (USD450 million) loan to support the rollout of its networks. The deal had been delayed by two months after Econet reported difficulties finding credit during the current global economic crisis. Srinivasa Iyengar, acting MD of Econet Wireless Kenya, told Business Daily Africa that the firm expects to commence operation in Mombasa next week and that it hopes to secure a network sharing agreement with another Kenyan cellco to boost coverage while it deploys its own infrastructure. Econet is thought to have signed around 60,000 subscribers since its launch in Nairobi towards the end of November, and is aiming to secure three million users in the next three years.

Kenya, Essar Telecom Kenya (yu)