IFC approves USD39m Africell loan

17 Apr 2015

The International Finance Corporation (IFC), a unit of the World Bank, has issued a senior loan worth USD39 million to Lebanon-based Africell Group, which offers mobile services in several African countries. The IFC’s investment represents around a quarter of the USD165 million that Africell seeks to raise, while the proceeds of this financing will go towards refinancing Africell’s loans and credit lines into one facility, as well as supporting the company’s CAPEX programme.

TeleGeography notes that Africell Group is currently operational in Sierra Leone, Gambia, Uganda and the Democratic Republic of Congo (DRC), but plans to launch in two new markets – ‘whether by acquisition or through a greenfield approach’ – by 2018.

Congo, Dem. Rep., Gambia, Sierra Leone, Uganda, Africell Holding