(Ecofin Agency) - Airtel Africa began discussions with the IFC in April 2024. The company had previously received $194 million from the financial institution in December 2022 for six of its 14 subsidiaries in Sub-Saharan Africa.

Airtel Africa has secured a new loan of $200 million from the International Finance Corporation (IFC), the lender announced Thursday.

The money will be invested in three of Airtel Africa's East African subsidiaries: the Democratic Republic of Congo (DRC), Rwanda, and Kenya. It will support the expansion and modernization of the network and upgrade distribution infrastructure, with a special focus on rural areas. Mary Porter Peschka, the IFC’s Regional Director for East Africa, said, “Better connectivity means more opportunity. Our work with Airtel will help millions more people not only to come online but also gain access to high-speed networks so that they can better leverage the digital economy opportunities.”

Airtel Africa began discussions with the IFC in May 2024. This new funding follows a previous investment of $194 million from the IFC in December 2022, which supported operations in the DRC, Kenya, Madagascar, Niger, Congo, and Zambia. This initiative is part of Airtel Africa's growth strategy amid increased competition in the African telecom market.

The new investments are expected to provide high-speed mobile connectivity to more than 37 million subscribers. They will also help Airtel Africa attract new customers in Rwanda, the DRC, and Kenya. For example, the DRC has a mobile penetration rate of 45% among its 102 million people, while Kenya has 67% mobile service usage among its 55 million residents.