Zimbabwe telco waits for funding from China


Zimbabwe’s NetOne

from MARCUS MUSHONGA in Harare, Zimbabwe
HARARE, (CAJ News) – TELONE, Zimbabwe’s third largest mobile network operator, is yet to receive a US$98 million from China, a setback that has stalled its network expansion exercise.

TelOne spokesperson, Melody Mbira Harry, confirmed the network was yet to receive any funding pointing out negotiations were still in progress.

“The discussions on the loan are still on-going and we are looking forward to their conclusion soon,” Mbira-Harry said.

Finance Minister, Patrick Chinamasa, brokered the deal in September last year with executives from China Eximbank.

TelOne, which recently embarked on installation of alarms on cables and infrastructure, aims to expand and upgrade its network in order to reach customers nationwide.

Presently, it lags behind Econet, the biggest firm in the industry, and Telecel Zimbabwe, its rivals that have the widest network in the Southern African country.

– CAJ News

Short URL: http://cajnewsafrica.com/?p=3647

Posted by on Jan 21 2015. Filed under Finance, Finance & Banking, Mobile & Telecoms, Technology. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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