MTN Rwanda signs deal for 50bn franc loan for network upgrade

29th November 2018

By: Reuters

  

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MTN Rwanda, the biggest telecoms operator in the East African nation, has signed a 50-billion franc ($56.20-million) loan with eight local banks, whose proceeds will be used to expand and modernise its network.

The company, which had close to 4.5-million subscribers in September, is owned by South Africa’s MTN Group and Crystal Telecom, a local company under the ruling party's investment branch, Crystal Ventures.

The loan, with a seven-year term, was provided by a syndicate of eight banks comprising Ecobank Rwanda, Cogebanque, BPR Atlas Mara, I&M Bank, Bank of Kigali, KCB Bank, Equity Bank and GT Trust Bank, the bank said in a statement on Wednesday.

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Edited by Reuters

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