Telecom
Celtel gets $90 Million funding for network expansion in Tanzania
Celtel gets $90 Million funding for network expansion in Tanzania
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By Elets News Network 21-June-2006
Celtel Tanzania Ltd, part of the Pan African Celtel Group has received a $90 million loan for network expansion.
Managing director Steve Torode told that the loan, to be disbursed in local currency, is a medium term facility that will amortise over four years and six months. Mr Torode said the loan will be used to install 400 new base stations to boost coverage. He said the financial support from both local and foreign financial institutions has been a major boost to Celtel's growth in the telecommunications sector in the country. Tanzania has an estimated four million mobile phone subscribers and is still growing as coverage is extended to cover a greater area of the country. The National Telecommunication Policy has anticipated a teledensity of 6 telephones per 100 people by 2010. The teledensity by December, 2004 was 5 telephones per 100 people in Tanzania.
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