MTN Rwanda slashes investment budget for 2010

MTN Rwanda today announced a 55% decrease in annual investment this year, compared to 2009, writes national publication The New Times.

MTN Rwanda has allocated a budget of $45m (Rwf25.6 billion) in 2010 for investments, saying that they will focus on attracting more subscribers through additional promotions.

“There is no need to invest heavily in building capacity and coverage every year, what we did in 2009 can serve in 2010 and what is required now is to maintain what we built last year”, commented the company’s CEO, Khaled Mikkawi.

In 2009, MTN Rwanda invested $100 million (Rwf56.9 billion) to upgrade its network and operations to reach the needed coverage and capacity of 3 million subscribers.

“Currently we have close to 2 million subscribers and this year we are targeting an extra million subscribers hopefully to make up the 3 million our capacity can handle”, added Mikkawi, saying that they are expecting an increase in subscribers as a result of future promotions.