MTN Rwanda, the biggest telecoms operator in the East African nation, has signed a 50 billion franc (56.20 million dollars) loan with eight local banks, whose proceeds will be used to expand and modernise its network.

The company, which had close to 4.5 million subscribers in September, is owned by South Africa’s MTN Group and Crystal Telecom, a local company under the ruling party’s investment branch, Crystal Ventures.

The loan, with a seven-year term, was provided by a syndicate of eight banks comprising Ecobank Rwanda, Cogebanque, BPR Atlas Mara, I&M Bank, Bank of Kigali, KCB Bank , Equity Bank and GT Trust Bank, the bank said in a statement.

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