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
-
West African States Meet in Togo to Discuss Syndromic Surveillance Network
15:01
-
Togo Makes HIV Gains but Faces Increasing Financial Pressures
14:32
-
Togo Opens Justice Centers in Kabou and Pagala in Access-to-Justice Push
14:27
-
Togo Gets 1,625-Ton Rice Shipment From Japan for Vulnerable Households
14:09
-
Disputes Over Diamond Traceability Stall Effort to Reform the Kimberley Process
14:05
-
Ivanhoe Mines Starts Up $700 Million Copper Smelter at Kamoa-Kakula
12:50
-
Nigeria Opens 2025 Oil Bid Round With 50 Blocks on Offer
12:15
-
South Africa Rejects U.S. Threat to Bar It From the 2026 G20 Summit
12:08
-
Cameroon Misses 2025 Road Target With Only 384.95 km Paved
11:46
-
Cameroon Plans Feasibility Studies for New International Airport in Douala
11:21
Vodacom Tanzania launches M-Pesa Global Payments, enabling seamless international transactions thr...
Anthropic, Rwanda’s government, and ALX launched Chidi, an AI mentor built on Claude. It wi...
Kossi Ténou succeeds Badanam Patoki as president of the AMF-UMOA. Ténou brings over 20 years of e...
JA Africa launches $1.5M digital safety program in four African countries Initiative to ...
Francophone Sub-Saharan Africa hosts 860+ startups but faces deep structural weaknesses EY urges...
Efforts to update the definition of “conflict diamonds” stalled again in Dubai Civil society, producers, and Western states remain split on how...
New smelter in the DRC will process all copper concentrate from Kamoa-Kakula Facility can treat 500,000 tons of concentrate per year and produce...
NUPRC launches a new licensing round covering onshore, shallow, deep, and frontier zones The offer includes 50 blocks aimed at attracting both...
Pretoria says its G20 membership is unconditional as a founding member Washington disputes how the 2025 rotating presidency was handed...
Niokolo-Koba National Park, designated both a Biosphere Reserve and a UNESCO World Heritage Site, is one of the ecological treasures of Senegal and all of...
Hidden deep within the Arabuko-Sokoke Forest on Kenya’s coast near Malindi, the ancient city of Gedi stands as one of East Africa’s most intriguing...