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
-
Niger Tightens Firearms Regulations Amid Rising Security Threats
20:52
-
Chad Seeks to Cut Fuel Imports with Algeria Refinery Deal
20:48
-
South Africa Plans $121 Billion Rail Overhaul to Revive Declining Network
20:32
-
Africa Re Posts 50.62% Rise in 2025 Net Profit to $199 Million
20:12
-
Ahmed Rostom’s Wuilt Simplifies Online Business Creation Across Africa
17:55
-
Botswana Tech Fund Debuts $67.5 Million Vehicle for Southern African Startups
17:54
-
Burkina Faso Prioritizes Tech Sovereignty in Talks with Italian Investors
17:52
-
IT Specialist Mohammed Ouahabi Disrupts Algerian Healthcare with Nafsia
17:50
-
Cameroon Commissions First Private Solar Mini-grid Under Energy Compact
14:35
-
Togo sets up national lab to enforce food safety standards
13:49
(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...
Mobile phones have become essential tools for work, education, payments and staying connected across...
Ecobank Transnational Incorporated asked shareholders to vote on a $500 million Tier 2 Eurobond...
Africa produces what it doesn’t consume, and consumes what it doesn’t produce. That stark line captu...
Funding part of $250 million raise to boost investor confidence Fintech expands services, pr...
Niger adopts draft decree to regulate firearm acquisition, possession, and use New framework introduces stricter controls, traceability requirements,...
Chad and Algeria sign agreement to study a 20,000 bpd refinery project Chad continues to import large volumes of refined products despite crude output...
South Africa plans to invest $121 billion in rail modernization by 2050. Freight demand exceeds current rail capacity by over 100 million tonnes...
Nigeria increases local solar panel manufacturing capacity from 120 MW to 300 MW. Authorities target import substitution and rural electrification...
CANAL+'s film arm backs a ZAR 300-million feature rooted in South Africa's anti-apartheid music movement. Production kicks off June 29 in Cape Town,...
Burkina Faso launches “SORA” university series filming in Ouagadougou 25-episode project explores student life challenges and...