To broaden its financial and digital inclusion across Africa, Airtel Africa has applied for a loan to the tune of $194 Million, from IFC.
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IFC is a sister organization of the World Bank and a member of the World Bank Group. It is the largest global development institution and is focused exclusively on the private sector in developing countries.
What Airtel Africa Intend To Achieve With The Fund
Airtel Africa says the funds will be used to refinance current loans and support its operations and investments across seven subsidiaries in Sub-Saharan Africa. These include Chad, the Democratic Republic of Congo, Kenya, Madagascar, Niger, the Republic of Congo, and Zambia.
What They Have To Say About The Fund
Speaking on the loan application, Segun Ogunsanya, CEO, Airtel Africa said “We will continue to invest in expanding and evolving our platform to further deepen both financial and digital inclusion across Africa. I continue to see huge potential across voice, data, and mobile money and our strategy is delivering against these opportunities.”
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In a statement on its website, IFC stated that “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 mobilization from MCPP (Managed Co-Lending Portfolio Program) funds.”