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Sonatel secures $94.5mln loan from three investors to boost Senegal's telecom infrastructure

Tuesday, 21 May 2024 13:09
Sonatel secures $94.5mln loan from three investors to boost Senegal's telecom infrastructure

(Ecofin Agency) - Sonatel, a subsidiary of the French group Orange, signed a loan agreement on May 17 with Proparco, the British International Investment (BII), and the International Finance Corporation (IFC), totaling the equivalent of €87 million (about $94.5 million). These three financial institutions contributed €30 million, €25 million, and €32 million, respectively, to finance the expansion of Sonatel's telecom infrastructure, towers, and cables in Senegal, particularly in rural areas.

The cost of this credit line is contingent on achieving measurable sustainable development goals. It is subject to two conditions: gender inclusion, through the enhancement of women's presence in leadership positions at Sonatel, and the strengthening of digital training within the company.

“Our investment in Sonatel will help provide quality and affordable connectivity and directly foster inclusive economic growth, particularly in rural areas. It also aligns with our goal to invest more in the Francophone West Africa region. We look forward to working with our partners to connect more people and businesses in the area digitally,” said Chris Chijiutomi, head of Africa at BII.

Sonatel reported a 19% increase in consolidated net profit, reaching CFA331.7 billion at the end of 2023. Listed on the Regional Stock Exchange, this telecom group is a leader in its African markets, particularly in mobile telephony, mobile money, and internet services.



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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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