Africell Raises $35 Million From IFC to Expand its Mobile Operations in Africa
World Bank Group’s IFC, said it will invest $35 million Africell, to support the expansion and upgrade of mobile networks in Gambia, the DRC, Sierra Leone and Uganda.
The IFC’s investment is part of a syndicated loan of $150 million, arranged by Deutsche Bank and supported by the Public Investment Corporation SOC acting on behalf of Government Employees Pension Fund, Banque Libano Francaise, EcoBank RDC and other investors.
In a statement Ziad Dalloul, Africell’s Chairman and CEO said, “Africell is at the forefront of the mobile expansion in Africa and aims to become one of the leading telecom players in the continent. Our partnership with IFC and other international financing organizations is another milestone in Africell’s endeavor to further its social and development role in the markets it operates.”
In May 2014, Africell acquired 100% of Orange Uganda after announcing it had announced in February that it’s Sierra Leonean operation had crossed the two million mark with over 2,250,000 active subscribers and was expecting to end 2014 with over 11 million in total active subscriber base for its African operations.
Launched in 2001, Africell has become the leading mobile network provider in Gambia and in Sierra Leone, and is expanding rapidly in the Democratic Republic of Congo and in Uganda. The new financing will enable Africell to expand its coverage and services.
Source: Techmoran 28 July 2015