Zimbabwe’s TelOne seeking USD300m funding

21 Jul 2020

Zimbabwe’s sole fixed line operator TelOne is looking to raise USD300 million as part of a re-capitalisation programme. The state-owned firm recently concluded a network upgrade project with USD98 million funding provided by a loan from China Exim Bank. The Herald cites the telco’s managing director Chipo Mtasa as saying: ‘TelOne requires a lot of capitalisation. The USD98 million that has been injected is only the first phase in terms of our capitalisation. We have a USD300 million capitalisation plan that we would like to deploy so that we can have services right across the country. And so we are out there looking for funds and possibilities of raising much more so that we can deploy infrastructure and more services.’ TelOne is one of 43 state-owned and parastatal companies that the government has targeted for full or partial privatisation.

Zimbabwe, TelOne