Econet’s total investment to reach USD900 million in coming months

16 Dec 2010

Econet Wireless Zimbabwe’s CEO Douglas Mboweni says that the GSM, 3G and WiMAX operator is in the middle of investing an additional USD300 million in its networks to bring total investment to date to USD900 million. Quoted in state-backed newspaper The Herald, Mr Mboweni said: ‘From the time we started operating in October 1999 up to the time we published our financial results in February this year we had spent about USD600 million. Between February this year and part of next year we are looking at putting another USD300 million to upgrade the equipment that we have and also extend network coverage throughout the country.’ Econet has seen its subscriber base grow from 1.2 million in March 2009 to over five million as of last month. Mboweni said the company would set its next subscriber target at the beginning of the next financial year in March depending on service demand. On another topic, asked to explain the reasons behind the reported problems subscribers had been having accessing services, Mr Mboweni said that disruptions sometimes occurred as a result of upgrades to network systems, mainly due to sourcing technology from different suppliers, including Sweden’s Ericsson and ZTE of China.