Letshego clinches financing deal

The US $20 million loan facility has a seven-year term and will be used by Letshego to finance its existing operations in Botswana, Swaziland and Zambia.
This will be the IFC's second investment in Letshego following the acquisition of a 7 percent equity stake in 2005.

In a joint statement, the two institutions said that the loan would be provided in South African Rand and Zambian Kwacha by using local currency swaps.
"We are pleased to extend our cooperation with (the) IFC. We are committed to serving the widest possible customer base and providing financial services to more people who have not previously had access, particularly in countries such as Swaziland and Zambia," said Jan Claassen, the Managing Director of Lestshego."