MTN Rwanda signs deal for 50 billion franc loan for network upgrade, Telecom News, ET Telecom

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KIGALI: MTN Rwanda, the most important Telecoms operator within the East African nation, has signed a 50 billion franc ($56.20 million) loan with eight native banks, whose proceeds can be used to increase and modernise its network.

The firm, which had near 4.5 million subscribers in September, is owned by South Africa’s MTN Group and Crystal Telecom, a neighborhood firm underneath the ruling get together’s funding department, Crystal Ventures.

The loan, with a seven-year time period, was supplied 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 financial institution stated in an announcement on Wednesday.

($1 = 889.6867 Rwandan francs) (Reporting by Clement Uwiringiyimana; Editing by George Obulutsa and Adrian Croft)

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