NetOne and TelOne secure loans from China

Mergers, Acquisitions and Financial Results

Zimbabwe’s state-owned mobile operator NetOne has secured a loan of USD290 million from China to help fund the ongoing expansion of its wireless networks. Meanwhile, NetOne’s fixed line sister company TelOne has received a loan of USD98 million from China to help pay off part of its USD359 million debts which has been assumed by Zimbabwe’s government, the Daily News reports. Finance minister Patrick Chinamasa and President Robert Mugabe have both been in Beijing recently attempting to secure bail-out packages for struggling state-owned operations in a number of industries.

Source: Telegeography  16 Spetember 2014