The IFC is mulling a $39 million loan to Africell, the mobile network operator offering service in The Gambia, Sierra Leone, the Democratic Republic of Congo and Uganda. The capital would be used to refinance the company’s existing debt into one facility and support the company’s capital expenditures to upgrade its cellular networks in its markets of operation. The details of the proposed investment were made in a Summary of Investment Information posted on the IFC’s website last week.
The total cost for the project is anticipated to be in the region of $165 million, with the IFC’s $39 million commitment being provided in the form of a senior loan. Once completed, the project will improve consumer and business access to reliable communications networks in both urban and rural areas of the countries of operation, enhancing competition and job creation in the process.
The IFC’s Board of Director meeting to consider the investment is expected to take place on May 11th, 2015.