On The Money - In Brief

Mergers, Acquisitions and Financial Results

- The African Development Bank Group (AfDB) and Main One Cable Company on Wednesday signed a loan agreement of $61 million towards the development of a submarine fiber optic cable connection along the West African coast. A statement from the bank said that, "With this investment, the Bank has further expanded its wide support for African ICT projects following investments in the East African "EASSy" submarine cable and the two satellites Rascom and New Dawn".

- Econet Wireless Zimbabwe has concluded a US$200 million deal with ZTE of China and Ericsson of Sweden to supply and install equipment for the expansion of its network. Upon completion, the mobile phone operator is determined to push its subscriber capacity from the current three million to over 5 million subscribers.

- A Los Angeles-based company Avasant is opening offices in Ghana as a result of President Obama’s visit to the country. The offices will be located in Accra. Avasant, which is ranked as the world’s top Business Process Outsourcing (BPO) advisory firm has signed a multi-year agreement with Ghana’s Ministry of Communications to promote IT Enabled Services (ITES) sector in the country, the company has said in a press release.