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.