Airtel Africa To Invest $194 million In 6 African Countries

Airtel Africa has revealed it will invest $194 million in 6 African countries, excluding Nigeria from the region that will benefit from the loan it obtained from the International Finance Corporation (IFC).

According to a statement released on Tuesday, the International Finance Corporation had approved $194 million to Airtel Africa to improve its operation in Africa.

The network provider said the fund will be invested in the Democratic Republic of Congo, Kenya, Madagascar, Niger, Republic of Congo and Zambia.

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“As part of IFC’s loan facility, Airtel Africa has committed to comply with the applicable requirements of  IFC Performance Standards on Social and Environmental Sustainability and has put in place a dedicated Environmental and Social Action plan.

“This will further underpin the Group’s commitment to transforming lives across the communities in which Airtel operates and provide clarity on how the Group can help address inequality and support economic growth in these communities.”

In the statement, Airtel Africa’s chief executive officer, Segun Ogunsanya, said, “I am very excited to announce the signing of this new facility with IFC.

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“Not only does it align with our focus on improving our balance sheet through localising debt within our OpCos, but as we make progress on our sustainability journey it also supports our commitments and ability to meet strong ESG criteria.

“I look forward to working closely with IFC in the coming years as we explore further opportunities to support the economies and communities where we operate.”

Also speaking on the credit, IFC Vice President for Africa, Sérgio Pimenta, “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.”