IHS secures IFC financing for Nigeria tower deal

9 Dec 2014

International Finance Corporation (IFC), a member of the World Bank Group, will lend USD200 million to help IHS Nigeria expand its tower portfolio and create mobile phone infrastructure that will improve mobile call service quality for operators and consumers in the West African nation. IFC’s financing is part of a USD600 million debt package raised by IHS from international and local lenders. Lagos-based IHS will use the funds to acquire approximately 2,200 tower sites from Etisalat Nigeria and to construct additional build-to-suit towers. The expansion will improve network congestion, reduce operating costs, and increase service coverage for the mobile operators. ‘The IHS mission is to provide telecommunications infrastructure to mobile network operators in Africa that enables the widest, most efficient and reliable networks, supporting the economic development of the region,’ commented Issam Darwish, CEO and executive vice chairman of IHS Holding Limited, adding: ‘We are constantly developing new, efficient and effective technologies and rolling out passive network to make that happen. Partnering with IFC has helped us access funding from a broader range of sources that will help us pursue our goal of building the infrastructure needed for Nigeria’s long-term growth.’

Nigeria, IHS Towers