Airtel Africa has secured $194 million in loans from the International Finance Corporation (IFC) to support universal and affordable broadband access in
The funding will help Airtel Africa to help connect millions of new subscribers to mobile internet in six African countries. The new financing facility is in line with Airtel’s Africa strategy to increase debt within its operating companies.
The financing facility has a tenor of eight years and will be used to support Airtel Africa’s operations and investments in Democratic Republic of Congo, Kenya, Madagascar, Niger, Republic of Congo and Zambia, where the banking landscape and access to local funding remains largely underdeveloped. IFC’s loan is supported by co-financing from institutional investors through IFC’s Managed Co-Lending Portfolio Porgram . IFC’s loan in Zambia is supported by the lo zl currency facility of the International Development Association’s Private Sector Window.
Airtel Africa CEO, Segun Ogunsanya, said, “Not only does this facility align with our focus on improving our balance sheet through localising debt within our operating companies, but it also supports our commitment and our ability to meet very strict ESG criteria in demonstration of the continued execution of our sustainability journey.
“I look forward to working closely with IFC in the coming years and to exploring further opportunities to cooperate together to support the economies and communities where we operate,” he added.
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