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The World Bank’s International Finance Corporation (IFC) is providing telecom operator Airtel Africa with a $100 million loan to fund capital projects and debt refinancing for the company’s subsidiaries in Kenya and Rwanda.
Airtel is one of sub-Saharan Africa’s largest mobile network operators with around 150 million customers across voice and data services in 14 countries. The IFC has previously provided funding in local currencies to help Airtel Africa address challenges in markets “where the banking landscape and access to local funding remains largely underdeveloped.”
Mobile services in East Africa are the second-largest contributor to Airtel Africa’s earnings, behind Nigeria. The $100 million loan is offered under similar terms to previous loans by the IFC, the lender said, the most recent being a $200 million facility last year aimed at increasing the company’s offering of high-speed mobile internet.
