The International Finance Corporation (IFC) is investing $165 million in Airtel Africa to boost mobile connectivity in Africa.
This funding will target Airtel Africa’s operations in Kenya, Rwanda, and the Democratic Republic of Congo (DRC).
The project aims to deliver better connectivity and a more modern telecom experience for Airtel Africa’s customers in the three countries.
Part of the funds will go towards upgrading Airtel Africa’s telecom networks and acquiring new equipment for 4G technology. Additionally, the investment will support expanding fibre optic cable capacity.
The IFC’s investment will also help Airtel Africa refinance existing US dollar-denominated debt.
“The CAPEX component will be directed towards modernizing the telecom network by purchasing active equipment on sites for 4G, such as antennas, software updates, packet core, base transceiver stations, and acquisition and/or buildup of fiber capacity.” IFC says in the project disclosure.
“This investment marks another significant milestone in our journey to enhance connectivity and digital inclusion across the continent,” said Mr. Segun Ogunsanya, CEO of Airtel Africa.
“We are delighted to once again partner with IFC, whose deep knowledge and expertise in the telecom sector will contribute to our ongoing efforts to bridge the digital divide in Africa.”
Airtel Africa’s 2023 fiscal year report reveals, “In July 2022, the Group prepaid $450m of outstanding external debt at HoldCo. The remaining debt at HoldCo is now $550m, falling due in May 2024.”
