TelOne hoping to secure USD98m loan by year end

28 Oct 2015

Zimbabwe’s state-owned fixed line operator TelOne says it expects to conclude a USD98 million loan facility with China’s Exim Bank by the end of the year. The funds will be used to finance its network modernisation programme, which includes the deployment of new fibre-optic backbone infrastructure. TelOne’s chairman Charles Shamu told local business news portal The Source: ‘It is a vendor financed loan … it’s not a normal credit loan so the vendor is part of the team that ensures the project is profitable because they get paid from the proceeds. The project is self financing.’

Zimbabwe, TelOne