Econet secures USD150m credit for expansion projects

8 Aug 2014

South Africa-based Econet Wireless Group has secured a USD150 million syndicated credit to support its expansion programmes, with portion of the funds to be used for development of its mobile financial service EcoCash and for refinancing existing debt assumed for network infrastructure projects. The syndicated facility was arranged by Export-Import Bank (Afreximbank, also acting as global coordinator), while Deutsche Investitions-und Entwicklungsgesellschaft (DEG) assumed the role of co-arranger. A number of global financial institutions, including European development finance institutions comprising DEG, Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden and Societe De Promotion Et De Participation Pour La Cooperation Economique (PROPARCO), participated in the deal. African financial institutions taking part in the syndication include the Southern African Trade and Development Bank and Stanbic Bank Zimbabwe.