HTN secures extra IFC funding

8 Feb 2010

Helios Towers Nigeria (HTN) has secured an additional USD150 million in syndicated loans from the International Finance Corporation (IFC), a member of the World Bank Group, to expand telecoms technologies in Nigeria, cellular-news reports. The loan extension forms part of an overall USD250 million initiative to improve access to telecoms nationwide; the funds will be ploughed into expanding HTN’s network of communications towers to 2,000 sites nationwide, increasing telecoms coverage to help mobile companies roll out services more economically, especially in rural areas. Operators will be able to outsource non-core activities and passive infrastructure, allowing them to focus on further developing their products and services. As reported by CommsUpdate, the earlier USD100 million investment was secured in September 2009.