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People walk past a Safaricom Shop along a street in Nairobi, Kenya, Aug. 11, 2019. /Xinhua

Kenya’s Safaricom signs $103 million loan for sustainable projects

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Kenyan telecoms firm, Safaricom has signed a 15 billion shillings (102.95 million U.S. dollars) loan deal with domestic banks, the proceeds will go towards funding environmentally sustainable projects.

The loan, signed with a consortium comprising Standard Chartered Bank Kenya, Stanbic Bank, ABSA Bank Kenya and KCB Bank, has the option of being increased to 20 billion shillings, Safaricom said in a statement late on Monday.

The telecoms firm, which also has operations in Ethiopia, said in May its earnings before interest and tax fell 22 percent to 84.99 billion shillings in the year to March 31.

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