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Nigeria excluded as Airtel Africa secures $194m loan for investment in 6 African nations



Airtel makes N121bn from voice calls in Nigeria in H1 2019, posts N500.2bn revenue

Airtel Africa has secured a $194 million loan from International Finance Corporation (IFC) to invest in its operations across Africa.

The mobile telecommunication giant is expected to utilize the funds to boost its operations in Democratic Republic of Congo, Kenya, Madagascar, Niger, Republic of Congo and Zambia.

The loan, according to a statement issued by the company on Tuesday, would be repaid over a period of eight years.

The statement read: “As part of IFC’s loan facility, Airtel Africa has committed to comply with the applicable requirements of IFC Performance Standards on Social and Environmental Sustainability and has put in place a dedicated Environmental and Social Action plan.

READ ALSO: Airtel Nigeria’s bid for 5G network suffers setback as NCC rejects firm’s $273.6m offer

“This will further underpin the Group’s commitment to transforming lives across the communities in which Airtel operates and provide clarity on how the Group can help address inequality and support economic growth in these communities.”

Speaking on the credit facility, Airtel Africa’s Chief Executive Officer, Segun Ogunsanya, said: “I am very excited to announce the signing of this new facility with IFC.

“Not only does it align with our focus on improving our balance sheet through localising debt within our OpCos, but as we make progress on our sustainability journey it also supports our commitments and ability to meet strong ESG criteria.

“I look forward to working closely with IFC in the coming years as we explore further opportunities to support the economies and communities where we operate.”

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