The World Bank Group's International Finance Corporation and Multilateral Investment Guarantee Agency, have announced a $157.4 million equity investment to bring affordable, reliable internet and mobile services to millions more in Ethiopia.

The fund is part of the ongoing expansion of Safaricom Ethiopia's telecom network, a landmark development expected to boost the country's digital connectivity landscape, according to the IFC's statement.

As part of the funding agreement, IFC will make a $157.4 million equity investment in Global Partnership for Ethiopia and a $100 million A-loan to its wholly owned subsidiary, Safaricom Telecommunications Ethiopia Private Limited Company - Safaricom Ethiopia.

In the past, partnerships in the country between IFC, MIGA, Vodafone, Vodacom, Safaricom, Sumitomo Corporation, and British International Investment addressed the core mandate of the World Bank Group to assist countries in ending poverty and meeting their citizens' demands for services, including digital connectivity.