This week, Ethio telecom announced the “successful conclusion” of talks with British International Investment (BII), the UK government’s development finance institution handling a portfolio valued at over seven billion dollars in emerging markets in Africa, Asia, and the Caribbean.
The talks, which featured CEO Frehiwot Tamiru and BII Managing Director Christopher Chijiutomi, reportedly revolved around sustainable infrastructure and the state-owned operator’s role in the digital economy, particularly through its Telebirr mobile money platform, data centers, cloud services, and electric vehicle charging infrastructure.
Frehiwot expressed Ethio telecom’s openness to partnerships that can help it scale the goals under its “Next Horizon” digital strategy, according to a statement issued following the talks.
“Both leadership teams discussed and emphasized the importance of supporting their shared vision by mobilizing impact investment to accelerate the implementation of the Next Horizon strategy, with strong emphasis on advancing the digital economy, expanding inclusive fintech ecosystems, and developing climate-resilient digital infrastructure,” reads the statement.
Ethio telecom reported 85 billion Birr in revenue over the first half of the fiscal year. Telebirr accounted for 4.1 billion Birr, with the platform facilitating transactions valued at nearly two trillion Birr during the period.
BII was established in 1948 as the Colonial Development Corporation, which was tasked with improving agriculture in British Colonies. It was later renamed the Commonwealth Development Corporation, and in 2010, came under heavy criticism for abandoning its development finance mandate for a purely profit-driven model.
UK officials rebranded to BII again in 2022, though the institution is still criticized for prioritizing profit over development goals and poverty reduction.
