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
-
Morocco’s Intelcia Redefines Global Strategy as It Moves to Regain Full Control From Altice
20:02
-
Nigeria to Tap National Satellite to Bring Internet to 20 Million People
19:57
-
Africa’s Most Attractive Countries for Talent in 2025, According to INSEAD
19:53
-
World Bank’s Michel Rogy: ‘Africa Can Become a Global Testbed for Applied AI’
18:39
-
Work On Togo’s Grid Expansion Hits 34% Completion In Kara
14:06
-
Access Bank, Partners, Unveils Project to Support Women Entrepreneurs
14:03
-
Nigeria’s Task Systems Tops 4,000 Global Candidates To Win Microsoft Partner Award
13:40
-
BasiGo’s Plan To Deploy 1,000 Electric Buses Backed by Proparco
13:26
-
South Africa Clears Lesaka’s $63.8 Million Acquisition Of Bank Zero
13:24
-
Togo Reviews 42 New Standards For Key Agri-Food Sectors
13:11
Anthropic, Rwanda’s government, and ALX launched Chidi, an AI mentor built on Claude. It wi...
(MCB) - The Mauritius Commercial Bank Limited (“MCB”) has successfully granted a strategic financing...
S&P upgrades Zambia to CCC+ as debt talks advance and copper output rebounds. About 94% of $...
Government, ESCWA, and experts meet to shape national framework Plan aims to fight corruption, c...
MTN Innovation Lab hosts Africa HealthTech Export 2025 Bootcamp in Cotonou Event targets s...
Nigeria to use NigComSat to connect 20 million unserved citizens Satellite, fiber rollout aims to bridge urban-rural digital divide High costs,...
As global competition for talent intensifies in the era of artificial intelligence and advanced technologies, Africa is falling behind because of...
In Cotonou, at the Regional Summit on Digital Transformation, ministers, regulators and technical partners debated the digital future of West and Central...
Agreement follows tighter fiscal policy, reform progress after earlier delays IMF warns of reform fatigue, global risks despite improving economic...
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...
Orange Egypt and Qatar’s Qilaa International Group have partnered to develop WTOUR, a digital platform offering trip planning, hotel bookings, local...