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Helios Towers secures funding for Nigerian expansion

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Fazal Hussain, CEO HTN (source: arabcom.com)
Helios Towers Nigeria (HTN) secured an additional US $150 million in syndicated loans to expand communication technologies in Nigeria, according to cellular-news.com.

The loan, extended by IFC, member of the World Bank Group, is part of an overall $250 million initiative to improve access to telecommunication in Nigeria. The earlier $100 million investment was already secured in September 2009.

The loans will provide HTN the financial resources it needs to increase its network to 2.000 shared tower communication sites nationwide.

Currently, Nigeria has a teledensity of only 43%, leaving room for massive growth within the country’s telecommunications sector.

“By promoting Nigeria’s access to mobile infrastructure through HTN’s network, IFC seeks to strengthen the country’s efforts to better serve its consumers and businesses”, said Mohsen Khalil, IFC Director for Global Information and Communication Technologies.

The $150 million investment is structured in a $76 million in loans syndicated to the African Development Bank, FMO of the Netherlands, Germany’s DEG, and Proparco of France, a $30 million loan to Nigeria’s First City Monument Bank and a $44 million loan from Cordiant Capital, the Emerging African Infrastructure Fund, and Nedbank of South Africa.

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