Afdb Backs Ethio Telecom’S $1.1 Billion Digital Drive
— written by Sanju on Jan. 18, 2025, 3:57 a.m.
Ethio Telecom has announced a strategic partnership with the African Development Bank (AfDB) to finance its ambitious $1.1 billion digital transformation plan, marking a significant milestone for Ethiopia’s digital economy and Africa’s broader digital advancement.
In a high-level meeting led by Ethio Telecom CEO Frehiwot Tamru, AfDB’s Vice President Solomon Quaynor, and Deputy Director General for the East Africa Region Dr. Leandre Bassole, discussions centered on expanding telecom and digital infrastructure to create a fully connected, technology-driven Ethiopia.
Over the past six years, Ethio Telecom has made remarkable strides in telecom expansion, rural connectivity, digital payments, and cloud services, positioning itself as a key player in Africa's digital transformation.
Frehiwot emphasized that Ethio Telecom’s mission transcends connectivity—it aims to empower economies, foster financial inclusion, and drive sustainable development. Highlighting the role of technology as a catalyst for socioeconomic growth, she called on financiers to support initiatives that strengthen digital infrastructure across Africa.
AfDB recognized Ethio Telecom's achievements and its critical role in advancing Ethiopia’s digital economy. Vice President Quaynor reaffirmed the bank’s commitment, stating, "It is your Bank, and you can rely on us to support you in your next moves."
As Ethio Telecom moves forward, this partnership signifies a shared vision of a digitally empowered Africa. With $1.1 billion in planned investments, the collaboration paves the way for innovation, digital inclusion, and a sustainable future for Ethiopia and the continent.
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