Business / Companies
NetOne gets $45 million loan from China Exim Bank
17 Mar 2011 at 08:03hrs | Views
MOBILE phone operator NetOne this week received a shot in the arm when it signed a US$45 million loan agreement with the China Exim Bank to fund network expansion and other modernisation projects.
Stanbic Bank will handle the fund disbursement for the projects to be undertaken by Huawei Technologies of China, long-term partners with NetOne.
NetOne managing director Mr Reward Kangai yesterday said he was optimistic that the company would tap into the growth opportunities that lay ahead.
NetOne is a State-owned mobile phone service provider that has been lagging behind the two other companies in the sector, Econet and Telecel, due to capital constraints.
The loan could not have come at a more opportune time as other competing networks, Econet and Telecel are racing with the rollout of 3G and 4G technology which has improved Internet access for most cellphone users.
Stanbic Bank will handle the fund disbursement for the projects to be undertaken by Huawei Technologies of China, long-term partners with NetOne.
NetOne managing director Mr Reward Kangai yesterday said he was optimistic that the company would tap into the growth opportunities that lay ahead.
NetOne is a State-owned mobile phone service provider that has been lagging behind the two other companies in the sector, Econet and Telecel, due to capital constraints.
The loan could not have come at a more opportune time as other competing networks, Econet and Telecel are racing with the rollout of 3G and 4G technology which has improved Internet access for most cellphone users.
Source - Byo24News
