A team from Clyde & Co in London and Dar es Salaam recently advised the Econet Wireless Group on three separate secured facilities totalling approximately USD 300 million.
The facilities are being provided by an Afreximbank led syndicate (including DEG, FMO, Proparco and Stanbic Zimbabwe), China Development Bank and Ericsson Credit AB.
The funding will be used to finance the expansion of mobile banking services and solar energy projects across a number of countries in Africa and to expand existing network infrastructure in Zimbabwe, where Econet currently has over 9 million subscribers and more than 3 million mobile money users registered on its EcoCash system.
Robert Franklin, Legal Director at law firm Clyde & Co, said “We are delighted to have advised Econet Wireless on these transactions. They are a market leader in providing advanced mobile technology to subscribers and using infrastructure as a platform for innovative products such as mobile banking, which is playing a central role in the economic growth story in Sub-Saharan Africa and helping to achieve financial inclusion.”
The Clyde & Co team comprised Robert Franklin, Legal Director, London and Teresa Parkes, Legal Director, Dar es Salaam.
