Tigo wins debt financing to fund network expansion

10 Dec 2007

Ghanaian mobile operator Millicom Ghana (Tigo) has secured a debt financing package worth USD140 million from Deutsche Investitions- und Entwicklungsgesellschaft (DEG) to help fund the continued rollout of its mobile network in the country. DEG, along with other financial institutions such as Proparco of France, will contribute USD27.5 million to an initial tranche of USD80 million, while the remaining USD60 million will come from local banks. Tigo is the country’s second largest mobile operator with around 21% of the market by 30 September 2007, behind MTN Ghana (formerly Spacefon Areeba) with 55%. Tigo had more than 1.5 million customers at the start of October, up from 977,087 the previous year, and needs the additional funds to develop and improve its network and services, including installing a fibre-optic ring to enable the provision of internet-based applications.

Ghana, Millicom Ghana (Tigo)