MTN secures USD65m in IFC loans

23 Jun 2009

The International Finance Commission (IFC), part of the World Bank Group, has announced it is providing a USD65 million loan and USD10 million in equity to MTN Afghanistan to support the expansion of the company’s wireless network. The expansion is aimed in particular at low-income populations. MTN Afghanistan is the second largest cellco in the country with more than 2.36 million subscribers at the end of March 2009. ‘MTN Group places high importance on its operation in Afghanistan,’ said James Ramadan, MTN Group’s regional vice president for Middle East and North Africa. ‘We have invested significantly in MTN Afghanistan and will continue to do so in the future. IFC is providing long-term funding, which is a great vote of confidence for this frontier market. It will enable us to serve the people of Afghanistan by enhancing network coverage and expanding high-quality services to a greater number of customers.’

Afghanistan, MTN Afghanistan