MTN Cote d’Ivoire said on 10 June 2016 that it has raised FCFA140 billion to finance its investments in the country and increase its footprint across it. The sum, proceeds of a loan arranged by Standard Chartered Bank and Ecobank Development Corporation (EDC) from 10 Ivorian banks and Ecobank’s Senegalese and Togolese subsidiaries, will be paid over 7 years, with a grace period of one year.

Regarding this loan, Managing Director MTN Cote d’Ivoire, Freddy Tchala said: “this year 2016 is a turning point for our company for this is the year where it renewed its license for 17 years, effective from April 2, 2016. The loan will also help pay the license and achieve an ambitious investment programme, meet our targets thus providing the best network and services to Cote d’Ivoire’s residents.”

Moreover, the money will be used by the company to modernize and expand its telecom networks, so as to provide quality services to all. With it, MTN will grab more customers and snatch from Orange, its main rival, its position of leader of the local telecom market.