NetOne gets USD65 million loan to begin network upgrades

20 Jan 2015

Zimbabwean state-owned cellular operator NetOne has received a USD65 million credit facility from the Exim Bank of China to help fund its network expansion. The funds represent around 30% of the total USD218.9 million credit available to NetOne from the Exim Bank under a 20-year loan agreement. The network expansion work is to be carried out by Chinese equipment manufacturer Huawei. According to a report from The Herald, NetOne’s managing director, Reward Kangai, commented: ‘It is a down payment that will enable our contractor to start manufacturing the telecommunications equipment, including towers and base stations.’ He went on to add: ‘We are not receiving money but it is paid directly to the contractors as and when it is needed.’ NetOne has around three million subscribers and will use the funds to expand network coverage and capacity, and upgrade infrastructure to support new 4G technology.

Zimbabwe, Huawei Technologies, NetOne