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
-
Tunisia, Indonesia Prepare Preferential Trade Deal on Agro-Food Products
12:08
-
Togo Road Deaths Fell Between 2022 and 2024, Data Show
12:03
-
Senegal, ITU Sign Partnership to Improve Women’s Role in the Digital Economy
11:58
-
Mauritania Secures $275mln to Boost Iron Ore Transport Capacity
11:55
-
Togo: Savanes Authorities Move to Curb Cement Prices After Reports of Overcharging
11:32
-
Helium Market Strains Renew Interest in Exploration Efforts in Morocco
11:00
-
Codias Reports 16.7 kg of Gold from New Colomine Underground Mine
10:54
-
Multiprint Raises CFA1.9bn from Société Générale to Upgrade Production
10:23
-
Cosumaf Extends Financial Education Olympiad Across the Cemac Region
10:20
-
African Central Banks Align Monetary Policies with Climate Shocks
10:14
(MCB) - The Mauritius Commercial Bank Limited (“MCB”) has successfully granted a strategic financing...
Anthropic, Rwanda’s government, and ALX launched Chidi, an AI mentor built on Claude. It wi...
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...
ECOWAS launched the second phase of PAMCIT to expand training in translation and conference inte...
Two countries expected to sign a preferential trade agreement by January 2026 Tunisia to grant tariff advantages to Indonesian agro-food...
ARTP signs cooperation agreement with the ITU at the WTDC-25 in Baku Project aims to build skills, support ecosystems, and create digital tools for...
EIB and AfDB approve two loans totaling $275 million for SNIM Funding supports rail rehabilitation, new tracks, and rolling stock SNIM...
Sound Energy advances steps to obtain helium and natural hydrogen permits Technical studies completed but no exploration authorization granted...
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...