Airtel Africa In Need Of Money, To Borrow $125 million From Citi

Airtel Africa has disclosed that the company will use loan to finance its operation in 14 countries within the continent. This was revealed in a statement to shareholders of the firm.

The network provider said it has signed an agreement to borrow $125 million from Citi through its branch subsidiaries in sub-Saharan Africa, with a tenor that last till September 2024.

The statement obtained from the capital market authority, Nigerian Exchange Limited (NGX), said the credit facility will come in both local and US dollar denominated currency.

“Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today announces the signing of a $125m revolving credit facility with Citi through its branch offices/subsidiaries in sub-Saharan Africa.” The statement reads.

It explained further, “This facility is in line with our strategy to raise debt in our local operating companies and will include both local currency and US dollar denominated debt. The facility has a tenor up to September 2024 and will be used to support Airtel Africa’s operations and investments in four of its subsidiaries.

“The facility provides potential interest rate savings in exchange for achieving social impact milestones relating to digital inclusion and gender diversity, with a focus on rural areas and women, and aligning with the Group’s sustainability strategy launched in October 2021. The facility further strengthens the Group’s commitment to transforming lives across the communities in which we operate.”