Jun 17 , 2023
An equity investment of 157.4 million dollars has been provided to Safaricom Ethiopia by the International Finance Corporation (IFC), the largest development institution focused on private sectors within developing economies, as part of the World Bank's investment arm. The IFC will have a minority stake in Safaricom Ethiopia which is working towards releasing its M-PESA mobile money service within the year. The IFC provided consultation to the Ministry of Finance and Ethiopian Communications Authority in 2020 as the country south to liberalize its telecom operations. The Multilateral Investment Guarantee Agency (MIGA) which is also part of the WB group issued one billion dollars in guarantees to Safricom's shareholders. The Agency provides political risk insurance for projects in a broad range of sectors in developing member countries, covering all regions of the world. Safaricom passed the three million customer threshold in the year along with a license to operate its M-PESA service last year.
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