Airtel Africa has proposed to raise $194 million (about Rs 1,475 crore) through debt from the International Finance Corporation (IFC), to support network investment plans across seven subsidiaries as well as refinancing the existing loans.
Airtel Africa is an integrated mobile network operator in 14 countries across sub-Saharan Africa.
It is majority-owned by Bharti Airtel.
“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 Airtel Africa’s operations and investments across seven subsidiaries in Sub-Saharan Africa.
These include Chad, Democratic Republic of Congo, Kenya, Madagascar, Niger, Republic of Congo and Zambia. PTI