Zimbabwe’s biggest mobile network operator, Econet Wireless Group (EWG), has taken out a $362 million loan to help expand its African operations.

Econet Wireless chief executive officer, Douglas Mboweni, said the loan facility arranged and syndicated by various European financial institutions could assist the mobile giant finance its expansion activities in Zimbabwe and across the continent.

Apart from Zimbabwe, the Econet Group has investments in Botswana, Lesotho, Nigeria, Kenya, Rwanda and Burundi.

Mboweni said the facility was arranged by AfriEximbank and syndicated to development and financial institutions from Germany, France, China and the Netherlands .

Mboweni said the loan facility was signed in London, the United Kingdom at a special ceremony Wednesday, which was attended by representatives from all the financial institutions.

Mboweni said a significant amount of the loan facility totalling US$307 million - has been earmarked towards EWG’s Zimbabwean subsidiary, Econet Wireless Zimbabwe( EWZ), which is listed on the Zimbabwe Stock Exchange (ZSE).

Mboweni said $255m from the $307m would re-finance existing short-term facilities, while $52m would be channeled towards financing equipment purchases for further expansion.