14 June 2022

Airtel Africa has proposed to raise US$194 million through debt from the International Finance Corporation (IFC), the company said.

The subsidiary of Indian giant Bharti Airtel said it will use the funds to support network investment plans across seven subsidiaries as well as refinancing the existing loans.

“IFC will support the project with a debt package of up to USD 150 million from its own account and up to USD 44 million in mobilisation from MCPP (Managed Co-Lending Portfolio Program) funds,” IFC said in a disclosure on its website.

The funds will be used to support the telco’s operations and investments across Chad, Democratic Republic of Congo, Kenya, Madagascar, Niger, Republic of Congo and Zambia.

Airtel Africa is an integrated mobile network operator in 14 countries across sub-Saharan Africa.