MTN Nigeria handed USD100 million IFC facility

25 Nov 2003

The International Finance Corporation (IFC) has provided a USD100 million loan to mobile operator MTN Nigeria to help finance the nationwide expansion of its GSM network. The loan, which ranks as the IFC’s second largest investment in sub-Saharan Africa to date, is part of a near USD400 million financing package arranged by the London-based firms Citigroup and Standard Bank to help support MTN Nigeria’s USD1.3 billion capital expenditure programme. The operator claims to be facing an uphill battle in rolling out its network due to the unavailability of power and distribution mechanisms needed to support the infrastructure. It says it is having to install power generators next to each of its base stations, and then source diesel fuel from local communities to help run the generators.

Nigeria, MTN Nigeria