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
-
Guinea Plans Five-Year Strategy to Cut Poultry Imports
05:46
-
Mali Launches Digital Mining Cadaster as Exploration Investment Falls for Third Year
05:31
-
Lobito Corridor, Project Vault: How the U.S. Is Moving to Compete with China in Africa’s Critical Minerals
18:50
-
Libya, UNDP sign blue economy agreement to support economic diversification
18:47
-
Togo tops 100 bln CFA francs in 2026 borrowing on regional market
19:13
-
Lome Container Terminal revamps customer service with one-stop model
20:41
-
Industrial Gas Demand in Douala Collapses as Prices and Supply Strain Clients
20:20
-
Douala Port Turns to PPP to Rebuild Its Regional Trade Hub at Boscam
20:07
-
Cameroon Looks to Formalize Cross-Border Trade With Digital Freight Platform
19:54
-
Cameroon Overhauls Procurement Strategy to Unlock Weigh Station Upgrades
19:49
(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...
Four major operators—Mauritel, Mattel, Rimatel, and Chinguitel—submitted a combined bid of ...
Operators review 2025 investments, outline 2026 expansion plans Consumer complaints persist...
AFC disbursed €43 million for Côte d’Ivoire solar project Financing supports 66 MW pla...
Guinea drafts 2026-2030 poultry strategy with seven reform pillars Aims to cut imports, boost egg self-sufficiency amid rising demand Imports surge...
Mali launches digitized mining cadaster replacing outdated system 631 mining titles registered; transparency and procedures improved Exploration...
In the race to secure control over critical minerals, the United States lags behind China, which dominates the market and is positioned across the entire...
Libya, UNDP sign deal to develop blue economy strategy Cooperation spans aquaculture, research, marine protection, capacity building Sector seen...
Lomé is hosting the 9th edition of the International Film Festival of Togo (FIFTO) featuring 33 films. The event promotes African storytelling in...
Fally Ipupa plans a two-part album project combining urban sounds and traditional rumba. The first album “XX” releases on April 17, while “XX Delirium”...