Airtel Africa PLC announced a new infrastructure with International Finance Corp, a sister organization of the World Bank and a part of the World Bank Group, on Tuesday.
The USD194 million facility will promote the Africa-focused telecommunications firm’s operations mostly in Democratic Republic of the Congo, Kenya, Madagascar, Niger, Republic of the Congo, and Zambia for an eight-year period, “providing a more diversified access to local funding.”
Sergio Pimenta, Vice President of the IFC, stated: “The Covid-19 pandemic has increased the importance of mobile connectivity for both social and economic development. IFC’s priority in Africa is to connect more people to affordable and fast internet networks, particularly in the continent’s low-income countries. The collaboration with Airtel Africa will aid in this endeavor.”
On Tuesday morning in London, Airtel Africa shares were 1.2% lower at 120.98 pence each.