Guinea: Sotelgui gets World Bank loan to fund restructuring
The Guinean operator Societe des Telecoms de Guinee (Sotelgui) has secured a USD50 million loan from the World Bank to help its restructuring, with the funds being used to recruit one consultancy to manage debt and another to advise on job cuts.
According to a report from Telecompaper, which cites local news source guinee7.com, the new loan agreement will enable the government of Guinea to retain control of the wireline and wireless operator.
The state had been looking to offload a 60% stake in Sotelgui to an international partner which could help to run the company, but it is now thought that plans for a sale have been put on hold. The Guinean government previously obtained a loan from China’s Exim bank to purchase equipment.