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Government is in discussions with financiers to raise $200 million to give Telecel Zimbabwe the financial muscle to compete in the sector.

This came after government recently injected $5 million into the country’s third largest mobile operator, following the finalisation of an acquisition of 60% stake in the telecoms firm in January.

Information and Communication Technology, Postal and Courier Services minister Supa Mandiwanzira told guests at Telecel’s cocktail briefing on Wednesday that the company’s future was secured.

“Shareholders and the Telecel team are working diligently to secure additional funding in order to recapitalise the organisation and ensure that Telecel competes effectively in the telecommunication industry. At this stage, negotiations and discussions are ongoing with financiers for an investment of over $200 million to kick-start the Telecel project,” Mandiwanzira said, adding that more details would be released in due course

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