Nigeria: Telecoms Infrastructure - IHS Gets N12 Billion From World Bank
The World Bank has provided $79 million - that is, about N11.8 billion - financing for IHS Plc, one of Nigeria's leading telecommunications infrastructure providers, to help it develop mobile phone coverage infrastructure across the country.
The fund, which is coming through International Finance Corporation (IFC), the private sector arm of the World Bank, would enhance IHS's efforts to build and acquire mobile phone towers in Nigeria and sub-Saharan Africa, thereby reducing communications cost across the region.
This Day gathered that the World Bank investment, which is subject to regulatory approval, came after the signing of an agreement between Investec Asset Management (via its African private equity funds), IFC and the Netherlands Development Finance Company (FMO).
IHS is one of the largest telecommunications infrastructure providers in West Africa with more than 2,700 towers under management and is aggressively expanding its ownership and leasing operations throughout Africa.
The company owns, manages, and leases space on its mobile towers to telecom companies, helping to bring down costs, expand coverage, accelerate technology rollouts and improve the quality of service for subscribers in Africa.
Commenting, Executive Director, IHS, Issam Darwish, said: "the additional financing package also include up to $115 million of IFC-led senior debt, mezzanine and syndicated loans, which will allow us to continue our leadership role in providing managed and co-location services to mobile operators and users in Africa."