Active Mixed AidData Chinese Aid

ZTE Corporation contributes to $300 million loan to Econet Wireless Zimbabwe for ICT market consolidation and new services (Linked to Record ID#62603)

$150M USD

Funder	ZTE Corporation (formerly Zhongxing Telecommunication Equipment Corporation)
Recipient Organization	Econet Wireless Zimbabwe Limited
Country	Zimbabwe
Start Date	Dec 04, 2015
End Date	Oct 15, 2027
Duration	4,333 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`100875`

Grant Description

CDB and ZTE Corporation contribution to $300 million syndicated loan to Econet Wireless Zimbabwe in 2015 On December 4, 2015, China Development Bank and ZTE (中兴通讯) Corporation provided a $300 million loan to Econet Wireless Zimbabwe for ICT market consolidation and new services.

📋 Loan / Grant Terms

💰 Loan Amountand the breakdown of financing between the two financiers are unknown

According to a statement released by Econet Wireless, the parent group Econet Global secured a $500 million from China Development Bank and ZTE.

According to Douglas Mboweni, Econet Wireless Zimbabwe’s CEO, the loan was negotiated at the group level and $300 million from the $500 million facility will be channelled to Econet Zimbabwe.

Record ID#62603 captures the estimated financial commitment of China Development Bank, while Record ID#100875 captures the estimated financial commitment of ZTE Corporation.

📋 Staff Comments

1. The individual contributions of China Development Bank and ZTE Corporation to the $300 million syndicated loan are unknown. For the time being, AidData assumes equal contributions ($150 million) across all two known members of the syndicate.

📚 Sources & References

Econet Zim to get $300m from China
Econet secures $500 million loan facility from the Chinese government
Econet adds $300m to debt stock
Econet Global gets $500mln Chinese loan facility Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.