ECONET GLOBAL LIMITED
Status: Completed investmentWhy disclosure?
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In case of questions
In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
Econet Wireless Global Limited is a Mauritius-based holding company, whose subsidiaries provide telecom products and services in several African countries, including mobile services, fibre network connectivity, wireless solutions and satellite transmission. The company's key revenue drivers are its cellular services subsidiary in Zimbabwe and its pan-African fiber network. Two growth areas are EcoCash, a mobile money transfer service, and Solarway, a patented solar technology for free solar charging.
What is our funding objective?
The majority of FMO's financing will go towards the expansion of the two subsidiaries, EcoCash and Solarway. The funding is intended to grow the company's mobile banking services, construct a unique Pan-African fiber network currently covering 13,000km and invest in solar solutions, such as solar-powered lanterns for rural areas that can load mobile handsets while also providing lightning.
Why do we fund this investment?
These new services will benefit the rural poor in Zimbabwe and other African countries. The project supports the further development of vital telecommunications infrastructure in Zimbabwe, a high-risk and low-income country. The mobile banking activities contribute to financial inclusion of the unbanked population. Solarway will sell a number of solar-powered products through its existing distribution network. The Econet Group currently employs more than 2,400 people and will continue to hire during the expansion. This will have strong social impact in Zimbabwe, which has one of the highest unemployment rates in the world.
- Website customer/investment
- http://www.econetwireless.com
- Region
- Africa
- Country
- Zimbabwe
- Sector
- Infrastructure, Manufacturing and Services
- Effective date
- 6/6/2014
- End date
- 7/5/2017
- Total FMO financing
- USD 20.00 MLN
- Funding
- FMO NV
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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - B