www.WirelessFederation.com/news: Africa’s fastest growing and leading mobile network, MTN, signed US$18 million deal with six local banks to overhaul its network in Rwanda. The deal came after Millicom International Cellular, a rival operator, started its mobile operation in mid November.
The deal is a part of the 100 million investments, MTN is set to make in the network this year. The debt will be taken in two different installments of $8 million and $10 million payable in three years and five years respectively. The loan will finance the network expansion of MTN above the current 90 percent coverage and will help to strengthen its position in the highly competitive market.
MTN has over 1.8 million subscribers in the country with a population of about 10 million people. It was awarded a national GSM license in Rwanda in 1998. Country’s third mobile license was won by Millicom International Cellular in November 2008, for $60 million.
