In September investment arm the International Finance Corporation (IFC) said it planned to inject up to $160 million in equity, but in a statement dated June 8 World Bank Group said that IFC's equity investment would be $157 million and that it would also provide a $100 million loan.

The Multilateral Investment Guarantee Agency will provide 10-year guarantees of $1 billion to cover the equity investments of Safaricom Ethiopia's shareholders: Vodafone Group, Vodacom, Safaricom and British International Investment.

"The investment and guarantees will help Safaricom Ethiopia roll out and operate 4G and 5G mobile networks across the country - including in rural and urban areas," the statement said.

Safaricom Ethiopia launched its mobile network in October after winning an operating licence in May 2021.

Previously state-owned Ethio Telecom had a monopoly in Africa's second-most populous country with a population of about 120 million people.

(Reporting by Alexander Winning; Editing by David Goodman)