As part of an effort to deepen internet speed in its African markets, Airtel Africa Plc has announced the signing of a $194 million credit facility with the International Finance Corporation (IFC).
The facility has a tenor of eight years and will be used to support the telecom firm’s operations and investments in the Democratic Republic of Congo, Kenya, Madagascar, Niger, Republic of Congo and Zambia.
Commenting on the development, Airtel Africa Chief Executive Officer, Segun Ogunsanya, said the $194 million credit facility aligns with the company’s determination to meet its Environmental, Social, and Governance (ESG) commitments.
“I am very excited to announce the signing of this new facility with IFC. 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.”
The IFC’s Vice President for Africa, Sérgio Pimenta, also commented on the deal saying that the deal will help more people to connect to affordable high-speed internet.
Airtel Africa said it has committed to complying with the applicable requirements of IFC’s Performance Standards on Social and Environmental Sustainability and has put in place a dedicated Environmental and Social Action plan.