Network Upgrade: MTN Rwanda Signs Deal for 50 Billion Franc Loan

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Network Upgrade: MTN Rwanda Signs Deal for 50 Billion Franc Loan

The biggest telecoms operator in the East African nation, MTN Rwanda, 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 bank in a statement on Wednesday said 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.

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