Rwandan mobile operator MTN Rwanda has secured a RWF10 billion (USD17.8 million) syndicated loan from seven local banks to upgrade its wireless network, the New Times reports. Led by the Commercial Bank of Rwanda (BCR) the loan is reportedly the largest commercial transaction by a group of local lenders in Rwanda.
The operator's CEO, Khaled Mikkawi, said the money forms part of the USD100 million that MTN plans to invest in the market this year alone. The company is spending the money on new infrastructure and the expansion of its sales outlets across the country as competition in Rwanda's mobile market strengthens.
A third cellco, Luxembourg-based Millicom International Cellular (MIC), has just launched operations in Rwanda's mobile market under the Tigo banner.