World Bank Arm to Acquire $160m Stake in Safaricom Ethiopia

Sep 10 , 2022

The International Finance Corporation (IFC), an arm of the World Bank Group, has announced plans to acquire shares valued at 160 million dollars in Safaricom Telecommunications Ethiopia Plc. The acquisition would make the IFC the third-largest shareholder in Safaricom Ethiopia, following Kenya's Safaricom and the Japanese Sumitomo Corporation. Vodacom Group and British International Investment (formerly CDC Group) also hold shares in the venture. The telecom operator launched large-scale pilot commercial services in Dire Dawa town a few weeks ago, more than a year after it acquired the country's first private telecom license after bidding 850 million dollars. Safaricom Ethiopia executives took the pilot to Haromaya town, Oromia Regional State, last week. They say they plan to expand the network to 25 urban areas by April next year.