Airtel Africa signs loan facility for six markets

Airtel Africa has signed a new USD194 million loan facility with the International Finance Corporation (IFC) and plans to use the facility to support investment in the Democratic Republic of Congo (DRC), Kenya, Madagascar, Niger, Republic of the Congo and Zambia. The group notes that the move is part of its wider strategy to increase debt within its operating companies and provides a more diversified access to local funding. As part of the agreement, Airtel Africa has committed to a range of requirements from the IFC with regards to environmental, social and governance (ESG) standards. Commenting on the development, IFC’s VP for Africa Sergio Pimenta was quoted as saying: ‘The COVID-19 pandemic has made mobile connectivity even more urgent for both social and economic development. Helping more people connect to affordable and fast internet networks is a priority for IFC in Africa, especially in the continent’s lower-income countries. The partnership with Airtel Africa will help achieve this.’