Econet Wireless Secures $150 Million for Network Upgrades

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The African Export Import Bank (Afreximbank) has announced the closing of a USD150 million financing facility for Econet Wireless to enable the company fund its expansion programme.

Under the terms of the syndication, Econet will use the proceeds of the facility for the expansion of new business areas, such as its mobile banking and solar energy businesses, as well as for refinancing existing debt relating to its telecommunications network infrastructure.

"The closing of this facility represents a clear demonstration of Afreximbank's commitment to partnering with African and international financial institutions to support the growth of African multinationals," said Jean Louis Ekra, President of Afreximbank, in an address at the close of the facility.

The new syndication is part of a multi-creditor security sharing arrangement coordinated and arranged by Afreximbank, which closed in May 2012.

Under the arrangement, Afreximbank, as global security agent, holds security for Econet's various creditors, including the China Development Bank, Ericsson Credit and Industrial Development Corporation of South Africa.

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