PowerTel close to securing USD100m funding

10 Jul 2013

Zimbabwe’s PowerTel, part of state-owned electricity utility Zesa Holdings, is reportedly on the brink of securing USD100 million in vendor subsidies from China’s Eximbank to fund its expansion plans, NewsDay reports. According to the article, the company’s managing director Patrick Farai Chivaura has announced that 20 base stations have already been installed using in-house capital. Mr Chivaura said: ‘We have already done a presentation to the ministry and it has been accepted. Our ministry will make representation to the Finance ministry. We need government guarantees and the vendors have already been identified. We have already started working with them. The process takes up to a year.’ The company is reportedly working with the government to secure the funds, and plans to use the financial surge to expand its voice services and introduce 3G mobile technology to its subscribers

Zimbabwe, PowerTel