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
-
Awash Bank Listing Deepens Ethiopia’s Nascent Stock Market
16:43
-
Niger Seeks to Channel Public Savings Into Businesses With New Agency
16:41
-
Ghanaian Pension Money Quietly Walks Into SME Lending — Norfund and Axis Pension Trust Commit $20m to BII-Backed GIP
16:40
-
Africa’s Infrastructure Gap Persists Despite $4 Trillion in Available Capital
16:25
-
Yaoundé Forum Opens Door to Latin American Industrial Investment
14:28
-
Riaz Moola Launches HyperDev to Automate App Development With AI
12:37
-
Senegal Rolls Out National Digital Library to Support Education Reform
12:23
-
Kenya’s Cliniva Blends Telemedicine and Clinics to Tackle Care Gaps
12:21
-
Burundi Rolls Out Six-Pillar AI Strategy to Accelerate Digital Economy
11:23
-
Togo sets up national framework to anticipate climate shocks
08:05
(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...
Mahindra & Mahindra is considering a CKD assembly plant near Durban to strengthen its presence i...
AFC disbursed €43 million for Côte d’Ivoire solar project Financing supports 66 MW pla...
Mobile phones have become essential tools for work, education, payments and staying connected across...
MTN Ghana launches crackdown on mobile money agent fraud Audits trigger warnings, suspensions...
Around $4 trillion held by African financial institutions Capital fails to translate into infrastructure and industrial projects Weak project...
Telecom operator launches investor search under restructuring process Company faces heavy debt, falling revenues, and weak market position State-owned...
Authorities seek to attract foreign-backed schools and reduce study abroad costs Initiative targets investment, skills development, and education...
In 13 days, Zambia logged €2.7 billion in energy commitments, roughly €1.1 billion more than the total disbursed under its 38-month IMF...
Burkina Faso launches “SORA” university series filming in Ouagadougou 25-episode project explores student life challenges and...
The Virunga Gorilla Marathon is a relatively recent initiative held in the Virunga region, a volcanic mountain range straddling the borders of the...