Project Company

The Consortium incorporated Global Partnership for Ethiopia BV as the investment vehicle holding their equity interest in the Project. It owns all but one share of the Ethiopian operating company, Safaricom Telecommunications Ethiopia private limited company. 

Shareholders

Vodafamily Ethiopia Holding Company Limited (“Vodafamily”): Vodafamily is a special purpose vehicle holding the interest of Safaricom plc (Kenya),  Vodacom Group (South Africa), and Vodafone Group (UK).

Safaricom plc is a listed Kenyan mobile network operator, the largest telecommunications services provider in Kenya, and one of the most successful mobile network operators  in East and Central Africa. The company offers mobile telephony, mobile money transfer, consumer electronics, ecommerce, cloud computing, data, music streaming, and fiber services. It is also the company behind MPESA, a leading African mobile banking service.

Vodacom Group is a leading and purpose-driven African connectivity, digital and fintech operator. Including Safaricom, the Group serves 129.6 million customers across consumer and enterprise segments.

Vodafone Group is one of the largest communications technology companies in the world, serving 736 million clients on its networks (including joint ventures) and more than a billion people when considering its networks and the networks of its Partners together. Vodafone offers mobile services in 23 countries, including 170 million customers in Africa; fixed broadband in 19 countries (25 million customers); and TV services to 22 million customers in Europe. Vodafone also has partner operators in a further 43 countries. Vodafone Group carries approximately 20% of the total internet traffic in the world, and more international minutes than any other telecom company in the world. Vodafone is also one of global leaders in Internet of Things.

Sumitomo Corporation (“SC”) is a leading Fortune 500 global trading and business investment company with 131 locations (Japan: 20, Overseas: 111) in 66 countries and regions. The entire SC Group consists of more than 900 companies. SC conducts commodity transactions in all industries utilizing worldwide networks, provides customers with financing, serves as an organizer and a coordinator for various projects, and invests in companies to promote greater growth potential. SC’s core business areas include six business units: Metal Products; Transportation & Construction Systems; Infrastructure; Media & Digital; Living Related & Real Estate; and Mineral Resources, Energy, Chemical & Electronics, and one initiative: Energy Innovation.

British International Investment (“BII”) is the UK’s development finance institution (DFI) and impact investor, formerly known as CDC group.

 STE plans to invest capital in excess of USD 8 billion in Ethiopia over the next 10 years. IFC intends to provide a loan of up to USD 100 million to fund the Operating Company’s investment program.

 The Operating Company, STE, is incorporated and located in Ethiopia.

  The governance risk to development impact is deemed low to moderate given that the Operating Company will put in place highly formalized governance structures, with a diversified and relatively independent board. The Operating Company is adopting best practice Corporate Governance/ESG policies from within the Voda Family and BII, many of which are publicly available.

This is a Category B project according to IFC’s Environmental and Social Sustainability Policy (2012). Based on IFC’s review, coupled with existing knowledge of the sector, the project is expected to have limited adverse environmental and social risks and impacts that are few in number, short-term and site-specific, and can be avoided or mitigated by adhering to recognized performance standards, good international industry practice (“GIIP”) procedures, guidelines and design criteria as described in the following sections.