Earlier this week, Airtel Africa PLC announced that it had signed a new facility with International Finance Corp, a sister organisation of the World Bank and a member of the World Bank Group.
According to the telecom operator, the US$194 million facility will last eight years and will support the Africa-focused telecommunications firm’s operations in the Democratic Republic of Congo, Kenya, Madagascar, Niger, Republic of Congo and Zambia, “providing a more diversified access to local funding”.
The telecom company said the new financing facility aligns with Airtel’s Africa strategy to increase debt within its operating companies.
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. In addition, it has put in place a dedicated Environmental and Social Action plan.
This will further underpin the Group’s commitment to transforming lives across the communities in which Airtel operates and clarify how the Group can help address inequality and support economic growth in these communities.
International Finance Corp (IFC ) Vice President Sergio Pimenta said, “The Covid-19 pandemic has made mobile connectivity even more urgent for social and economic development. Helping more people connect to affordable and fast internet networks is a priority for IFC in Africa, especially in the continent’s lower-income countries. The collaboration with Airtel Africa will help achieve this.”
Airtel Africa shares were 1.2 per cent lower at US$146.87 each Tuesday morning in London.