Zimbabwe secures US$1 Billion Telecom investment

Oscar J Jeke

Zim Now Reporter

Zimbabwe has taken a significant step towards modernizing its telecommunications sector with the signing of a Memorandum of Understanding with Mobitel Ltd, a San Francisco-based telecommunications company. The deal, valued at US$1 billion, is expected to inject new life into the country's state-owned telecom operators, Telecel and Netone.

The investment will be used to strengthen Zimbabwe's telecommunications infrastructure, improve connectivity, drive digital transformation, and enhance access to communication services for businesses and individuals. Government representatives from the Foreign Affairs ministry hailed the agreement as a major milestone in the country's technological development.

While specific details about the timeline and projects under the partnership have not been disclosed, the investment is likely to be used for upgrading network infrastructure, improving internet services, and expanding coverage to rural and underserved areas.

This collaboration comes at a crucial time for Zimbabwe, which has been facing increasing demand for reliable mobile and internet services. The presence of new entrants like Starlink has intensified competition and highlighted the need for improved connectivity.

The partnership with Mobitel will bolster Zimbabwe's efforts to meet this growing demand and create opportunities for growth in the country's digital economy. Telecel and Netone, as key players in the telecommunications sector, are expected to benefit from Mobitel's expertise and resources.