Africa Finance Corporation supports Nigeria’s 9Mobile with $230 mln
Monday, 26 August 2019 17:19
The Nigerian mobile operator Emerging Markets Telecommunications Services Limited (EMTS), known as 9Mobile, secured an 82.8 billion naira ($230 million) loan from Lagos-based Africa Finance Corporation (AFC).
Funds will be provided in two instalments. The first will be used to pay back the company’s lenders and the second will support its expansion strategy. 9Mobile was mainly controlled by Emirati group Etisalat Telecommunications Company which finally divested its share following a failure to restructure a $1.2 billion debt dated back to 2013. The terms of the agreement with AFC are not disclosed but since the year started, the pan-African group have already carried out 5 interventions for about €1 billion.
Let’s note the Africa Finance Corporation is a pan-African multilateral finance institution created in 2007 to shut down the infrastructure investment gap on the continent.
Idriss Linge
Live News
-
Botswana Turns to Oman to Expand Solar Power and Strengthen Fuel Supply
11:35
-
Visa launches sixth cohort of its Africa fintech accelerator
11:34
-
Africa’s Borrowing Costs Soar 91%, Squeezing Public Finances
11:07
-
Togo Seeks Bidders to Expand Rural Power With Solar Mini-Grids
10:35
-
Koa Academy Unveils Five-Week Entrepreneurship Challenge for Young South Africans
10:13
-
Morocco, Gabon Expand Digital Cooperation With Focus on Skills and AI
10:12
-
Rabat to host Morocco Gaming Expo in May 2026
10:09
-
Financial sector leaders gather in Lomé for inaugural risk forum
10:06
-
Parlym selected for engineering studies on $4 bln Yoyo-Yolanda gas project
10:02
-
Uganda to launch first national internet exchange to cut costs, keep traffic local
04:17
Driven by above-average growth and rapidly expanding demographics, Francophone Africa is emerging as...
Algeria launches bid for two NGSO satellite telecom licenses Move aims to expand broadband ac...
EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...
Coca-Cola unit trains 260+ SMEs in Namibia business skills Program targets women, youth, disabled...
Four major operators—Mauritel, Mattel, Rimatel, and Chinguitel—submitted a combined bid of ...
Oman supports 500 MW solar plant with battery storage Fuel storage deal aims to strengthen energy security Botswana still relies heavily on coal and...
Average borrowing costs rose from 2.7% to 5.1% between 2020 and 2024 “Blend” countries hit hardest by rising global interest rates Higher debt...
Tender covers solar mini-grids in 27 villages in the Plateaux region Project is part of a broader plan to electrify 317 localities Backed by...
Two agreements signed on AI, training, and digital regulation Scholarships and training programs target skills development Partnership...
Fally Ipupa plans a two-part album project combining urban sounds and traditional rumba. The first album “XX” releases on April 17, while “XX Delirium”...
MASA 2026 gathers artists and industry professionals from over 28 countries in Abidjan. The event features 99 performances across market and...